AUD/USD Short term Outlook

FX:AUDUSD   Australian Dollar / U.S. Dollar
211 0
RES 4: 0.7750 (200 day 4HMA)

RES 3: 0.7698 (55 day 4HEMA)

RES 2: 0.7660 ( Apr 1st high)

RES 1: 0.7615 (Tenken-Sen)

PRICE: 0.7570@ 8:54GMT

SUP 1: 0.7584 (100% projection of 0.79119 to 0.75594 from 0.79372)

SUP 2: 0.75594 (Mar 11th low)

SUP 3:0.7500

SUP 4: 0.7366 (161.8% projection of 0.79119 to 0.75594 from 0.79372)

AUD/USD is trading weaker on account of weak trade deficit data and rate cut expectations. Trade deficit widened for the third straight month to AUD -1.26bn compared to forecast of -1.25bn.

Overall trend is still weak as long as 0.7665 holds. It is good to sell on rallies around 0.7620 for the target of 0.7500 with stop around 0.7665
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