- Aussie dented on dismal Australia trade balance Data, AUD /USD extends downside below 20-DMA.
- Australia trade surplus for Jan came in at AUD 1.3 bln, widely missing expectations for a print of AUD 3.8 bln.
- AUD/USD hit fresh session low of 0.7644 after it failed to hold above the 10-DMA level of 0.7676 earlier today.
- Technical indicators are biased lower, bearish RSI divergence supports downside.
Support levels - 0.7603 (23.6% Fib retrace of 0.7161 to 0.7740 rally), 0.7550 (Feb 1st low), 0.7522 (200-DMA)
Resistance levels - 0.7665 (5-DMA), 0.7669 (20-DMA), 0.77, 0.7725 (Trendline), 0.7778 (Nov 8 high)
TIME TREND INDEX OB/OS INDEX
1H Neutral Neutral
4H Neutral Neutral
1D Bearish Neutral
1W Neutral Neutral
Recommendation: Good to go short on rallies around 0.7660/65, SL: 0.77, TP: 0.76/ 0.7550
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 66.2468 (Bullish), while Hourly USD Spot Index was at 139.17 (Highly bullish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
