FxWirePro: AUD/USD breaks minor support at 0.7256, drop till 0.7170 likely
Tuesday, December 8, 2015 5:23 AM UTC
- Poor China trade data keeps the Aussie pressurized. AUD/USD fell to session lows at 0.7222 and shows room for further depreciation.
- Also, the recent sell-off in commodities with oil prices at multi-year lows and a broadly stronger US dollar, keeps the resource-linked Australian dollar on the back foot.
- AUD/USD is currently trading at 0.7223. The pair broke below minor trend line support at 0.7256, we see scope for tests of 0.7170 levels in the near term.
- Immediate resistance is seen by daily Tenkan at 0.7277 and support on the downside is located at 0.7220 (Dec 1st lows).
Recommendation: Good to sell rallies around 0.7240, SL: 0.7280, TP: 0.7170
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