FxWirePro: Antipodean selling continues, good to sell AUD/USD rallies
Selling in the Aussie continues as commodities like crude oil resumed their price decline hurting commodity currencies. Upside in the pair is capped by Daily Tenkan at 0.7250, Aussie slips below 0.72 handle, was down at …
Selling in the Aussie continues as commodities like crude oil resumed their price decline hurting commodity currencies.
Upside in the pair is capped by Daily Tenkan at 0.7250, Aussie slips below 0.72 handle, was down at 0.7179, selling looks incomplete - fresh intraday lows made.
Mood in Asia sours after USD/CNY fixed higher than expected - broadly underpinning USD/AXJ.
AUD/USD is holding above daily cloud, breaks below cloud top at 0.07159 could drag the pair lower, tests of 0.7085 (trendline support) then likely.
Double bottom at 0.7160 is strong support on the downside ahead of 0.7157 (61.8 % Fib of 0.7016/0.7386).
Recommendation: Sell rallies in the pair around 0.72 levels, SL: 0.7250, TP1: 0.7160, TP2: 0.7085
