FxWirePro: AUD/USD declines to hit 4-day lows but bias is still bullish
AUD/USD declined to trade in lower range on Thursday as risk appetite took over financial markets after ECB press conference. The pair broke below the 0.7760 support level in the US session and hit low at 0.7732, however…
AUD/USD declined to trade in lower range on Thursday as risk appetite took over financial markets after ECB press conference.
The pair broke below the 0.7760 support level in the US session and hit low at 0.7732, however, strong oil and iron ore prices is set to support the Aussie bulls against US dollar in the short term.
Further decline is expected to be limited as the pair finds strong support at 0.7680 which should limit downside and bring a rebound back towards higher side.
To the upside, the strong resistance can be seen at 0.7789, a break above this level would take the pair towards next resistance level at 0.7835.
To the downside immediate support can be seen at 0.7735, a break below this level will open the door towards next level at 0.7680 .
