FxWirePro: AUD/USD hits fresh 2-week low, bias lower, stay short
Friday, October 7, 2016 1:49 AM UTC
- AUD/USD clocks fresh 2-week low at 0.7561, intraday bias lower.
- Dec Fed rate hike bets spiked to above 60% this week after upbeat US manufacturing and services PMI data, supporting USD.
- Decline in initial jobless claims has increased optimism into today NFP employment numbers.
- Major support levels - 0.7536 (double bottom), 0.7518 (100-DMA), 0.7488 (trendline)
- Major resistance levels - 0.7591 (20-DMA), 0.7606 (50-DMA) , 0.7614 (5-DMA), 0.7645 (Oct 5 high)
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaches-20-DMA-support-bias-lower-good-to-sell-rallies-335732) is progressing.
- We recommend holding for targets. Bearish invalidation only above 50-DMA at 0.7607