FxWirePro: AUD/USD outlook weaker on renewed downside pressure
AUD/USD declined sharply on Tuesday after oil prices fell and the impact of dovish remarks from a top Federal Reserve official faded, boosting sentiment toward the greenback. Oil fell following a series of gloomy predict…
AUD/USD declined sharply on Tuesday after oil prices fell and the impact of dovish remarks from a top Federal Reserve official faded, boosting sentiment toward the greenback.
Oil fell following a series of gloomy predictions about demand growth that suggested the global overhang of unused inventories may persist for much longer than investors had anticipated.
Currently, the currency pair is trading around 0.7445 levels, it is set to decline further towards 0.7400and later towards 0.7350 levels in the short term.
Strong support can be seen at 0.7411, a break below this level will expose the pair towards next support level located at 0.7372.
Major resistance can be seen at 0.7540, a break above this level will open the gates towards 0.7570 levels.
