FxWirePro:AUD/USD consolidating around 0.7708, bias is bullish
AUD/USD declined on Friday erasing some gains made in the earlier session to trade at 0.7701 levels as the Australian dollar was weighted down by weakness in oil prices. The pair jumped to an intraday high of 0.7731 afte…
AUD/USD declined on Friday erasing some gains made in the earlier session to trade at 0.7701 levels as the Australian dollar was weighted down by weakness in oil prices.
The pair jumped to an intraday high of 0.7731 after strong Chinese GDP data but selling interest caped further rally.
Further downside is expected to be limited as the pair finds strong support at 0.7600 which should limit the pair from falling further downwards and bring rebound back towards higher side.
To the upside, the strong resistance can be seen at 0.7700, a break above this level would take the pair towards next resistance level at 0.7741.
To the downside immediate support can be seen at 0.7660, a break below this level will open the door towards next level at 0.7616.
