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FxWirePro: AUD/USD intraday upside momentum strong after upbeat Chinese data

  • 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)
  • Market Data
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