Technicals

Add as a preferred source on Google

FxWirePro: AUD/USD holds support at 0.70 handle, break above 5-DMA could see minor upside

AUD/USD chart - Trading View AUD/USD is trading in a narrow range on the day, at 0.7041 at 0515 GMT. The pair has paused downside at 0.70 handle, we see weakness on break below. Poor economic data releases from Australia…

1 min read
FxWirePro: AUD/USD holds support at 0.70 handle, break above 5-DMA could see minor upside
Image from the original EconoTimes article

Read the original article

AUD/USD chart - Trading View 

  • AUD/USD is trading in a narrow range on the day, at 0.7041 at 0515 GMT.
     
  • The pair has paused downside at 0.70 handle, we see weakness on break below.
     
  • Poor economic data releases from Australia that have confirmed RBA's neutral-dovish bias.
     
  • Also, no breakthrough between US/China trade talks keeps the antipodeans depressed.
     
  • Further, China’s February trade figures surprised the market on the downside by a big margin, casting doubts on the economy's health, another dent to the AUD.
     
  • Stochastics RSI indicator is at oversold levels, suggesting some pullback in the pair.
     
  • Major trend in the pair is bearish and recovery attempts remain capped at 5-DMA.
     
  • Break above 5-DMA could see upside till 21-EMA at 0.7096. Bearish invalidation only above 200-DMA.
     
  • Break below 0.70 handle will see resumption on weakness. Next major support below 0.70 lies at 0.6907 (Sept 2015 low).

Support levels - 0.6907 (Sept 2015 low), 0.6827 (Jan 2016 low), 0.6744 (Jan 2019 low)

Resistance levels - 0.7069 (cloud base), 0.7103 (20-DMA), 0.7130 (55-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560