Technicals

Add as a preferred source on Google

FxWirePro: AUD/USD struggles to hold gains above 200-DMA, break below 0.7645 to see further weakness

AUD/USD has failed to extend gains after break above 200-DMA on Thursday's trade. Aussie came under selling pressure on Friday and eroded majority of its previous session's strong gains after retail sales miss. Australia…

1 min read
FxWirePro: AUD/USD struggles to hold gains above 200-DMA, break below 0.7645 to see further weakness
Image from the original EconoTimes article

Read the original article

  • AUD/USD has failed to extend gains after break above 200-DMA on Thursday's trade.
     
  • Aussie came under selling pressure on Friday and eroded majority of its previous session's strong gains after retail sales miss.
     
  • Australia retail sales remained flat in September, better-than the 0.5% fall seen last time but was worse than 0.4% growth expected.
     
  • AUD/USD retraced back below the 200-DMA at 0.7693 and is currently trading at 0.7677, down 0.46% on the day.
     
  • The pair finds major trendline support at 0.7645, break below will see further weakness.
     
  • We see completion of a 'Bullish Shark' pattern on daily charts which keeps scope for upside in the pair.

Call update: We had advised a long in our previous call (http://www.econotimes.com/FxWirePro-Bullish-Shark-pattern-on-AUD-USD-raises-scope-for-upside-good-to-go-long-on-dips-985176).

Recommendation: Bias higher. Stay long.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -9.32771 (Neutral), while Hourly USD Spot Index was at 95.0672 (Bullish) at 0820 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560