FxWirePro: AUD/USD lacks clear direction, hovers around 61.8% Fib at 0.7212
AUD/USD lacks clear direction, extends range trade around 61.8% Fib at 0.7212. Pair finds major resistance at 0.7242, upside potential only on decisive break above. While 0.72 (5-DMA and psychological level) is immediate…
AUD/USD lacks clear direction, extends range trade around 61.8% Fib at 0.7212.
Pair finds major resistance at 0.7242, upside potential only on decisive break above. While 0.72 (5-DMA and psychological level) is immediate support.
Chinese equities unable to find a clear direction as a sharp fall in China April industrial profits data weigh on the markets.
Markets digest hawkish speeches from the Fed officials delivered lately as they await US GDP numbers and Fed Chair Yellen’s speech due later today.
Weakly charts are biased lower, we see scope for test of 0.7042 (78.6% Fib), bearish invalidation only above 0.73 levels.
RBA Governor Stevens’ dovish comments earlier this week and rising expectations that the Fed could hike at any of the next few meetings keep upside limited.
Recommendation: Advise to remain on the sidelines for now.
