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FxWirePro: Aussie falls against major peers after S&P revises Australia’s sovereign credit outlook

  • AUD/NZD is trading around 1.0504 marks.
     
  • Pair made intraday high at 1.0549 and low at 1.0487 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1.0547 marks.
     
  • On the top side, a sustained close above 1.0547 will drag the parity higher towards 1.0647/1.0748/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively.
     
  • Alternatively, a sustained break below 1.0407(June 9, 2016 low) will take the parity down towards key supports around 1.0362 and 1.0231 marks respectively.
     
  • Today S&P revises Australia’s sovereign credit outlook down to negative from stable; Current rating is AAA.

We prefer to take short position in AUD/NZD around 1.0520, stop loss 1.0552 and target 1.0450 marks.

  • Market Data
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