Technicals

Add as a preferred source on Google

FxWirePro: AUD/ USD early gains short lived, trend remains lower

• The AUD/USD strengthened on Tuesday as China measures to bolster CNY and better-than-expected China data supported Australian dollar. • China's exports gained momentum in December, with imports also showing recovery. •…

1 min read
FxWirePro: AUD/ USD early gains short lived, trend remains lower
Image from the original EconoTimes article

Read the original article

• The AUD/USD strengthened on Tuesday as China measures to bolster CNY and better-than-expected China data supported Australian dollar.

• China's exports gained momentum in December, with imports also showing recovery.

• China's trade surplus grew to $104.8 billion last month, up from $97.4 billion in November. Its trade surplus with the U.S. widened to $33.5 billion over the same period from $29.81 billion a month prior.

•  At GMT 06:12, The Australian dollar  was last  trading down 0.17% to $0.6187. 

•  Immediate resistance is located at 0.6204(Jan 10th high), any close above will push the pair towards 0.6250 (38.2%fib).

•  Support is seen at 0.6141(23.6%fib) and break below could take the pair towards 0.6102 (Lower BB)

Recommendation: Good to sell  around 0.6160, with stop loss of 0.6250, and target price of 0.6080

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560