FxWirePro: AUD/USD drops below 0.7550 as prospect of Dec U.S. rate hike increases, downside bias remains
Tuesday, October 11, 2016 6:55 PM UTC
- The pair declined on Tuesday as the pair was weighted down on expectations that Federal Reserve will hike interest rate as early as December.
- The greenback was also lifted after Democrat Hillary Clinton widened her lead in U.S. Presidential election polls over Republican Donald Trump.
- Currently, the currency pair is trading around 0.7541 levels, it is set to decline further towards 0.7500 later towards 0.7450 levels in the short term.
- To the upside, immediate resistance can be seen at 0.7565, a break above this level would take the pair towards next resistance level at 0.7603.
- To the downside, immediate support can be seen at 0.7528, a break below this level will open the door towards next level at 0.7500.
Resistance Levels
R1: 0.7565 (50% Retracement level)
R2: 0.7603 (61.8% Retracement level)
R3: 0.7628 (Oct 10th high)
Support Levels
S1: 0.7528 (38.2% Retracement level)
S2: 0.7500 (Psychological levels)
S3: 0.7481 (23.6% Retracement level)