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FxWirePro: AUD/USD drops below 0.7550 as prospect of Dec U.S. rate hike increases, downside bias remains

  • 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)
  • Market Data
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