FxWirePro
Short

Strong resistance for AUD/USD at 0.7250, good to sell rallies

FX:AUDUSD   Australian Dollar/U.S. Dollar
397 1 3
AUD short covering expected to continue ahead of the US Thanksgiving holiday, falling commodity prices, broad USD strength keep antipodeans subdued on the day

AUD/USD             inched up to 0.7207, from 0.7187 in early trade, only to retreat back to 0.7190 levels

The pair has gained around two cents in the past two weeks but met heavy resistance near 0.7250, is likely to consolidate between 0.7150 and 0.7250 until fresh news emerges

RBA Governor Glenn Stevens speech is awaited at 0905 GMT, and expectations are he might try and talk down the Aussie given it has proved resilient to a sharp fall in the price of iron ore (Australia's top export earner)

Spot iron ore lost more than 5 percent last week and came close to its lowest level since July amid a global glut and faltering Chinese demand

Immediate resistance for the pair is seen at 0.7207 (Session high Nov 24), while supports is located at 0.7186 (5 DMA)

Slew of crucial US economic data due later in the NY session, including prelim GDP and consumer confidence will also be closely eyed along with RBA Chief Stevens’ speech scheduled in the European session

Recommendation: Good to sell rallies around 0.7210, SL: 0.7260, TP: 0.7145

Resistance Levels:

R1: 0.72 (Psychological Level)

R2: 0.7207 (Session high Nov 24)

R3: 0.7212 (Cloud top)

Support Levels:

S1: 0.7186 (5 DMA)

S2: 0.7173 (Cloud base)

S3: 0.7144 (10 DMA)
sharpetrade
a year ago
I'll counterparty that trade. Long AUD/USD ...
Reply
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