The Australian dollar was steady at $0.7067 after surging 0.8 percent overnight on upbeat employment data.
- Consolidation set in today, AUD/USD drifts lower ahead of European session in a quiet trade
- More adjustments likely next week ahead of FOMC but AUD still a sell rally proposition
- Stochs on 4 hourly charts show bearish crossover at oversold levels, RSI biased down, strong resistance seen at 0.7078 (4h cloud base)
- The major is currently trading at 0.7060, with strong resistance at 0.7078 (4h cloud base) and support on the downside at 0.7031 (10-Day MA)
Recommendation: Good to sell rallies around 0.7070/75, SL: 0.7100, TP: 07040
Resistance Levels:
R1: 0.7078 (4h cloud base)
R2: 0.7100 (Session high Sep 10)
R3: 0.7155 (Daily High Sept 1)
Support levels:
S1: 0.7031 (10-Day MA)
S2: 0.6991 (Hourly low Sep 10)
S3: 0.6947 (Session Low Sept 10)
