FxWirePro: AUD/USD fades spike to 0.7676, upside intact as long as pair holds 61.8% Fib support at 0.7571
AUD/USD jumped to highest level since early May after the release of upbeat Chinese economic data. The pair largely ignored slightly weaker-than-expected Australian employment details on Thursday amidst broadly weaker US…
AUD/USD jumped to highest level since early May after the release of upbeat Chinese economic data.
The pair largely ignored slightly weaker-than-expected Australian employment details on Thursday amidst broadly weaker US Dollar.
US CPI and monthly retail sales data, accompanied with Empire state manufacturing survey, followed by industrial production and consumer confidence index in focus for fresh impetus.
The pair is currently trading almost unchanged on the day at 0.7636 levels, bias higher as long as pair holds above 61.8% Fib at 0.7571.
Upside finds next hurdle at 0.7687 (78.6% Fib) ahead of 0.77 and then 0.7719 (May 3rd high).
Break below 0.7571 (61.8% Fib) could see downside upto 0.7521 (July 11 low) and further weakness could see test of 0.7490 (50% Fib).
