FxWirePro: AUD/USD intraday upside momentum strong after upbeat Chinese data
Thursday, September 8, 2016 1:59 PM UTC
- The AUD/USD pair surged higher on Thursday, as the pair got a lift from upbeat China's August imports data which unexpectedly rose for the first time in 22 months.
- The Aussie performed strongly during the Asian, but retreated slightly in the US session.
- Currently, the currency pair is trading around 0.7654 levels, it is set to advance further towards 0.7700 later towards 0.7750 levels in the short term.
- Short pullback around 0.7660 should be taken as buying opportunities, as Australian dollar is stronger against the US dollar in short-term.
- To the upside, the strong resistance can be seen at 0.7724, a break above this level would take the pair towards next resistance level at 0.7724.
- To the downside immediate support can be seen at 0.7693, a break below this level will open the door towards next level at 0.7660.
Resistance Levels
R1: 0.7724 (38.2% Retracement level)
R2: c (Aug 17th high)
R3: 0.7765 (23.6% Retracement level)
Support Levels
S1: 0.7693 (38.2% Retracement level)
S2: 0.7660 (50% Retracement level)
S3: 0.7600 (61.8% Retracement level)