FxWirePro: AUD/USD changes short term trend from neutral to bearish
Tuesday, October 4, 2016 6:45 PM UTC
- AUD/USD declined on Tuesday as recent upbeat U.S. data strengthened US dollar across the board and pushed up the odds of a U.S. interest rate hike before year-end.
- Australian job advertisements dipped slightly in September after a sharp increase in August, pointing to still-solid demand for labour and a moderate pace of employment growth ahead.
- The pair is trading at 0.7620 levels, it is set to decline further towards 0.7580 later towards 0.7550 in the short term.
- Strong support can be seen at 0.7594, a break below this level will expose the pair towards next support level located at 0.7554.
- Major resistance can be seen at 0.7683, a break above this level will open the gates towards 0.7710 levels.
Resistance Levels
R1: 0.7633 (38.2% Retracement Level)
R2: 0.7683 (23.6% Retracement Level)
R3: 0.7710 (Sep 29th high)
Support Levels
S1: 0.7594 (50% Retracement Level)
S2: 0.7554 (61.8 % Retracement Level)
S3: 0.7500 (Psychological levels)