FxWirePro: AUD/USD breaks below major support at 0.7560, intraday bias lower
AUD/USD has broken major trendline support at 0.7560, we see scope for test of 100-DMA at 0.7498. Data released earlier today showed that New home sales in Australia plunged to a decade-low during the month of July. Data…
AUD/USD has broken major trendline support at 0.7560, we see scope for test of 100-DMA at 0.7498.
Data released earlier today showed that New home sales in Australia plunged to a decade-low during the month of July.
Data released by the Housing Industry Association (HIA) showed Monday that new home sales fell a seasonally adjusted 9.7 percent in July, more than offsetting an 8.2 percent spike in June.
Techs on daily charts support downside, bearish invalidation only above 50-DMA (0.7559).
Supports on the downside are seen at 0.7525 (session low), 0.75, 0.7450.
On the flipside, break above 50-DMA at 0.7559 will see next resistance at 0.7575 (July 11 high) and then 0.76.
Hawkish comments from Fed’s Yellen on Friday to keep USD supported. Focus now on US personal spending and income report due later today.
Recommendation: Good to go short around 0.7550, SL: 0.76, TP: 0.75/ 0.7450
