FxWirePro: AUD/USD dumped to fresh multi-week lows, further weakness could test 0.7068
AUD/USD dumped to fresh multi-week lows at 0.7107, no respite for the Aussie here, further weakness on charts. Caixin's China Services PMI fell to 50.2 in December from 51.2 a month earlier, suggesting China's tertiary i…
AUD/USD dumped to fresh multi-week lows at 0.7107, no respite for the Aussie here, further weakness on charts.
Caixin's China Services PMI fell to 50.2 in December from 51.2 a month earlier, suggesting China's tertiary industry grew at the weakest pace since July 2014.
PBoC fix was at 6.5314 on Wednesday, the highest since April 2011, mainland Chinese stocks gained after the fix, but rest of Asia still in the red.
AUD/USD is testing major support at 0.71 levels, break below could see 0.7068 and then 0.7016 levels.
Price action has dipped below the daily cloud, momnetum indicators are all biased lower.
Immediate resistance is seen at 0.72, while support on the downside is at 0.71 (rising trendline) and further below at 0.7096 (Dec 16 lows).
Recommendation: Good to sell rallies around 0.7110, SL: 0.7170, TP: 0.7068/0.7020/0.70
