Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/USD drifts lower , could be on verge of a bigger drop

• AUD/USD slipped lower on Tuesday   as disappointment over China's latest policy package announced on Friday and Trump's pledges of 60% tariffs on China  continued to weigh on the Australian dollar.

• Declining commodity prices posed an additional risk to the Australian dollar, with copper hitting a seven-week low

• At GMT 05:46,the Australian dollar   was down 0.30 % at 0.6653  against US dollar.

•Technical signals are  strongly bearish as RSI is   at 40, daily momentum studies  5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 0.6603(38.2%fib), any close above will push the pair towards 0.6662(50%fib).

• Support is seen at 0.6539(23.6%fib) and break below could take the pair towards 0.6511(Nov 6th low).

 Recommendation: Good to sell around 0.6570, with stop loss of 0.6670  and target price of 0.6500

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.