- AUD/USD struggles to extend gains above 0.76 handle.
- The pair edges lower from session highs at 0.7608 to currently trade at 0.7577 levels.
- Increased uncertainties on Trump’s Presidency re-emerging into markets, high yielding currencies to remain under pressure.
- Technicals are in overbought zone, some caution advised as we could see some correction.
- We see volumes are declining. However, MACD still signals continuation of trend and ADX supports trend higher.
- The pair is holding above minor 5-DMA support at 0.7555, break below could see weakness.
- Major support is seen by 200-DMA at 0.7493, trend reversal only on break below.
Major support levels - 0.7555 (5-DMA), 0.7493 (200-DMA), 0.7458 (Jan 16 low)
Major resistance levels - 0.76, 0.7646 (78.6% Fib retrace of 0.7778 to 0.7160 fall), 0.77
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 4.3734(Neutral), while Hourly USD Spot Index was at -46.9547 (Neutral) at 0520 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
