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FxWirePro: AUD/USD finds strong support at 0.7585, weakness only on break below

Aussie rally on stronger commodity prices and improved business confidence data stalls at 0.7658 levels. The pair has slipped from highs and is currently struggling at the 0.76 handle. We see strong trendline support at …

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FxWirePro: AUD/USD finds strong support at 0.7585, weakness only on break below
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  • Aussie rally on stronger commodity prices and improved business confidence data stalls at 0.7658 levels.
     
  • The pair has slipped from highs and is currently struggling at the 0.76 handle.
     
  • We see strong trendline support at 0.7585 levels, further weakness only on break below.
     
  • Downside could then test 0.7571 (61.8% Fib), further weakness could take the pair to 0.7530 (July 12 lows).
     
  • On the upside, resistance is aligned at 0.7658 (July 12 high), 0.7687 (78.6% Fib) and then 0.77 levels.
     
  • Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-capped-at-618-Fib-good-to-long-breakout-above-233842) has achieved TP1&2. 
     
  • Australia Westpac Consumer Confidence Index down to 99.1 in July from previous 102.2.
     
  • China data awaited, a 5% decline in exports and 6.2% decline in imports expected. Sliding Chinese exports could weigh over the Aussie dollar and iron ore prices.
     

Trade Idea: Good to go short on break below 0.7585, SL: 0.7630, TP: 0.7530/ 0.75
 

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