AUD/USD recovers from fresh 3-week lows, stay short
AUD/USD consolidating near three-week troughs, as markets continue to weigh worse-than-expected China trade data.
Momentum studies bearish, we see scope for test of 0.75 (major trendline). Violation there could see test of 200-DMA at 0.7437.
Our previous call (link below) has achieved TP 1 & 2. Bias lower.
Major support levels - 0.75 (trendline), 0.7450 (Sept 14 low), 0.7437 (200-DMA)
Major resistance levels - 0.7566 (5-DMA), 0.7603 (20-DMA), 0.7628 (Oct 10 high)
Recommend holding for targets.
Fresh shorts can be entered on rallies around 0.7550, SL: 0.76, TP: 0.75/ 0.7450
Momentum studies bearish, we see scope for test of 0.75 (major trendline). Violation there could see test of 200-DMA at 0.7437.
Our previous call (link below) has achieved TP 1 & 2. Bias lower.
Major support levels - 0.75 (trendline), 0.7450 (Sept 14 low), 0.7437 (200-DMA)
Major resistance levels - 0.7566 (5-DMA), 0.7603 (20-DMA), 0.7628 (Oct 10 high)
Recommend holding for targets.
Fresh shorts can be entered on rallies around 0.7550, SL: 0.76, TP: 0.75/ 0.7450
