AUD/USD chart on Trading View used for analysis
- AUD/USD struggles to hold upbeat NAB survey-led gains, uptick proved to be short-lived.
- National Australia Bank's (NAB) business conditions index rose from +2 points in December to +7 in January.
- Meanwhile, the business confidence index improved slightly from +3 points in December to +4 in January.
- NAB's business confidence and conditions surprised to the upside, but still remain way below the long-run average.
- The major is trading in a major bear trend and upside was rejected at 200-DMA.
- Price is currently holding support at daily cloud and break below will see further weakness.
Support levels - 0.7037 (Lower BB), 0.7021 (Oct 2018 low), 0.70
Resistance levels - 0.7086 (5-DMA), 0.7147 (21-EMA), 0.72
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-edges-higher-tracking-jump-in-Chinese-iron-ore-futures-upside-lacks-traction-stay-short-on-rallies-1496056) is progressing well.
Recommendation: Bias lower, hold for targets.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
