Technicals

Add as a preferred source on Google

FxWirePro: Aussie fails to hold Chinese data led gains, good to short AUD/USD break below 0.7540

Upbeat Chinese data releases failed to lift sentiment across markets. Most major Asian indices slipped into the red. Aussie failed to hold gains after the trio of upbeat China data release - retail sales, industrial prod…

1 min read
FxWirePro: Aussie fails to hold Chinese data led gains, good to short AUD/USD break below 0.7540
Image from the original EconoTimes article

Read the original article

  • Upbeat Chinese data releases failed to lift sentiment across markets. Most major Asian indices slipped into the red.
     
  • Aussie failed to hold gains after the trio of upbeat China data release - retail sales, industrial production, fixed asset investment.
     
  • AUD/USD recovery stalls shy of hourly 55-EMA (0.7569), the pair has slipped lower to currently trade at 0.7541.
     
  • On the hourly charts, we see breach of trendline support at 0.7547. The pair is on track to test 1H 20-DMA support at 0.7540.
     
  • Violation there should see downside upto 0.75 levels. Further weakness to see test of 0.7490 and then 0.7435 levels.
     
  • Major support levels - 0.7540 (1H 20-DMA), 0.7509 (110-EMA), 0.7490 (Aug 31 low), 0.7435 (trendline)
     
  • Major resistance levels - 0.7555 (trendline), 0.7566 (1H 55-EMA), 0.7586 (10-DMA), 0.7596 (20-DMA)
    ​

Recommendation: Good to go short on break below 0.7540, SL: 0.7590, TP: 0.75/ 0.7490/ 0.7435

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