FxWirePro: AUD/USD struggles to hold above the 0.72 handle, good to sell rallies

The Aussie edged lower from multi-week highs reached on Wednesday as USD remains broadly stronger on improved risk appetite
AUD/USD stood at 0.7173, having slipped back below the 0.72 handle, strong resistance is found at a double top at 0.7274
Markets jittery as they await re-opening of the Chinese markets after a holiday, could prompt profit taking in many assets
Slide in US stock futures also adds pressure on the pair, E-mini possibly biggest drag (down 0.6%); MSCI AXJ equity index down 0.3%
RSI is heading south, and daily Stochs are at oversold levels, some unwinding in the near-term on charts
AUD/USD is currently trading at 0.7172, with immediate resistance seen at 0.7190 (cloud top) and support at 0.7165 (Session low Oct 8)

Recommendation: Good to short rallies around 0.7180, SL: 0.7220, TP: 0.7110

Resistance Levels:

R1: 0.7190 (cloud top)

R2: 0.7193 (55 EMA)

R3: 0.7234 (Oct 7 highs)

Support Levels:

S1: 0.7165 (Session low Oct 8)

S2: 0.7150 (Oct 7 low)

S3: 0.7093 (Daily Tenkan)

FxWirePro: AUD/USD struggles to hold above the 0.72 handle, good to sell rallies

Related articles

Major Pair Currency Score: AUDUSD Bearish — Key Levels to Watch

Major Pair Currency Score: AUDUSD Bearish

JPY Major Pair Currency Score: USDJPY, GBPJPY and AUDJPY Extremely Bearish