FxWirePro: AUD/USD drops below 0.7600 as prospect of Dec U.S. rate hike increases, outlook bearish
AUD/USD pair declined on Friday as the pair was weighted down on expectations that Federal Reserve will hike interest rate as early as December. The currency pair initially rose after data showed decline in U.S. consumer…
AUD/USD pair declined on Friday as the pair was weighted down on expectations that Federal Reserve will hike interest rate as early as December.
The currency pair initially rose after data showed decline in U.S. consumer spending in the third quarter but reversed course on the view that Federal Reserve will hike interest rate in December following upbeat US GDP data.
Currently, the currency pair is trading around 0.7574 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 0.7617, a break above this level would take the pair towards next resistance level at 0.7690.
To the downside, immediate support can be seen at 0.7545, a break below this level will open the door towards next level at 0.7500.
