FxWirePro: AUD/USD fades post-RBA spike, slips below 0.71 handle, good to buy dips
AUD/USD spiked to hit day's high at 0.7129 after Aussie bulls bolstered by RBA's rates-on hold decision. However, the spike was quickly sold off and the pair is now below the 0.71 handle, currently trading at 0.7088. 5-D…
AUD/USD spiked to hit day's high at 0.7129 after Aussie bulls bolstered by RBA's rates-on hold decision.
However, the spike was quickly sold off and the pair is now below the 0.71 handle, currently trading at 0.7088.
5-DMA at 0.7077 is strong support on the downside, break below could see the pair testing 0.7025 and then 0.70 levels.
On the upside we see immediate resistance at 0.7140 (Jan 29 highs) and then 0.7160 (Nov 13 highs).
Australia retail sales, business confidence data, monetary policy statement along with US NFP report due later in the week will have a major impact on the pair.
Recommendation: Good to buy dips in the pair around 0.7050, SL: 0.6920, TP: 0.7140/0.7160/0.72
