- Aussie dented further on weak China trade data, AUD/USD extends downside for 2nd straight session.
- Disappointing Australia trade balance data (Thursday) along with a modest US Dollar rebound keeps downward pressure on the major.
- AUD/USD faltered at 110-EMA, has slipped below 55-EMA at 0.7617, trades below 0.76 handle.
- Technical studies are turning bearish. RSI is biased lower and Stochs have rolled over from near overbought levels.
- Bullish divergence keeps scope for upside. However, close below 21-EMA support at 0.7581 could see further weakness.
Support levels - 0.7581 (21-EMA), 0.7476 (May 30 low), 0.7412 (May 9 low)
Resistance levels - 0.76, 0.7628 (5-DMA), 0.7672 (110-EMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -77.9811 (Bearish), while Hourly USD Spot Index was at 107.541 (Bullish) at 1315 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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