AUD/USD finds strong support at 0.7386, good to long dips Long

Australian Dollar/U.S. DollarFXCM

Description

⋅ Nov 23, 2016 5:52 AM

AUD ignored weak Q3 construction work data is currently trading at 0.7433, 0.49% higher on the day.

Technicals suggest upside in the pair,

We see major support at 0.7386 (converged 78.6% Fib and 5-DMA). Break below could see reversal.

Major support levels - 0.74, 0.7386 (5-DMA & 61.8% Fib), 0.7311 (Nov 21 low), 0.7280 (78.6% Fib)

Major resistance levels - 0.7461 (50% Fib), 0.7467 (10-DMA), 0.75, 0.7517 (200-DMA)

Good to go long on dips around 0.7415/25, SL: 0.7360, TP: 0.7460/ 0.75/ 0.7515.

Comment

⋅ Nov 25, 2016 8:32 AM

TP1 achieved

Comments

fXVolume

⋅ Nov 23, 2016 6:15 AM

I just wondering why there is less comment on your idea and I try one and then you reply that very soon. Thank you. I hope you can give more us more your trading idea.

fXVolume

⋅ Nov 23, 2016 5:55 AM

How about weekly time frame? Is that in the same tone?

FxWirePro

⋅ Nov 23, 2016 6:11 AM

@mrhimsly, On weeklies, you could say this is slight pullback after 2 weeks of major downside. Only a breakout above 200-DMA on dailies could signal true reversal. Fed Dec meeting will remain the major driver. For now, we anticipate hikes and upside for USD, so trend continues to be down for the AUD/USD.

fXVolume

⋅ Nov 23, 2016 6:13 AM

@FxWirePro, Thank you. You are very kind.