FxWirePro: AUD/USD hits fresh session lows, strengthening US dollar weighs
Friday, September 23, 2016 4:28 AM UTC
- Aussie extends its retreat from nine-day tops on the back of strengthening US dollar across the board.
- AUD/USD fails to close above 61.8% Fib at 0.7638, slipped to session lows of 0.7628.
- The pair finds major trendline support at 0.7589, break below could see test of 20-DMA at 0.7565.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-upside-halts-at-618-Fib-break-above-targets-trendline-at-07710-312872) has hit TP1.
- Major support levels - 0.76 (50% Fib), 0.7580 (50-DMA), 0.7563 (38.2% Fib), 0.7561 (20-DMA)
- Major resistance levels - 0.7656 (Sept 9 high), 0.7676 (July 15 high), 0.77, 0.7710 (trendline)
- Recommendation: We see scope for upside, book partial profits at highs, hold for 0.77/ 0.7710
- Bullish invalidation below 0.76 levels