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FxWirePro: AUD/USD rejected at session lows, good to buy dips

Commodity currencies have benefited from the rebound in oil prices. Both AUD and NZD saw net buying interest.

  • AUD/USD edges higher from session lows at 0.7135, currently trading around 0.7166 with session highs at 0.7171.
     
  • Hanging-man formation seen on daily charts on Friday, price action edges above cloud which is strong support on the downside.
     
  • The pair finds strong resistance at 0.72 levels, breaks above could see further bullishness.
     
  • On the downside immediate support is seen at 0.7152 (5-DMA) and further below at 0.7133 (Feb 18th lows).
     
  • Key data due in the week which might influence the pair: Australia's Capex, Q4 wage data; US consumer confidence, existing and new home sales, durable goods, Q4 GDP.
     

Recommendation: Good to buy dips around 0.7150, SL: 0.7110, TP: 0.7190/0.72/0.7220

 

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