FxWirePro: AUD/USD stronger after Fed uncertainty hits USD
AUD/USD inched higher to trade around one month high on Thursday as strong rebound in oil prices and sharp decline in US dollar supported Aussie bulls. Much of the move was due to a broad selloff in the U.S. dollar on sp…
AUD/USD inched higher to trade around one month high on Thursday as strong rebound in oil prices and sharp decline in US dollar supported Aussie bulls.
Much of the move was due to a broad selloff in the U.S. dollar on speculation the Federal Reserve might not raise interest rates this year.
Currently the pair is making an attempt to test support level at 0.9190.
Further decline is expected to be limited as the pair finds strong support at 0.7150 which should limit downside and initiate rebound back towards higher side.
To the upside, the strong resistance can be seen at 0.7237, a break above this level would take the pair towards next resistance level at 0.7291.
To the downside immediate support can be seen at 0.7191, a break below this level will open the door towards next level at 0.7145. Recommendation: Go long around 0.7150, targets 0.7240, 0.7300, SL 0.7100
