FxWirePro: AUD/USD breaks minor support at 0.7256, drop till 0.7170 likely
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 broadl…
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
