FxWirePro: AUD/USD gains some upside momentum but still bearish
AUD/USD declined on Thursday after soft inflation data weighted on Australian dollar on expectation of a cut in rates by Reserve Bank of Australia. The Australian dollar initially rose in the Asian session against its Am…
AUD/USD declined on Thursday after soft inflation data weighted on Australian dollar on expectation of a cut in rates by Reserve Bank of Australia.
The Australian dollar initially rose in the Asian session against its American rival, but declined after finding strong resistance strong at 0.7665.
Further upside is expected to be limited as the pair finds strong resistance at 0.7655 which should limit upside and bring a decline towards lower levels.
To the upside, the strong resistance can be seen at 0.7655, a break above this level would take the pair towards next resistance level at 0.7715.
To the downside immediate support can be seen at 0.7595, a break below this level will open the door towards next level at 0.7554
