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AUD/USD dips back into cloud, falls till 0.7175 likely

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
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Fed is on track to hike rates for the first time in almost a decade, while the RBA is expected to remain on hold and unlikely to make any adjustments to their outlook until at least February of next year - this exposes the downside in the pair

AUD/USD pair fell yesterday on disappointing Australian Capex data which showed private capital expenditures contracted by 9.2% in Q3, after shrinking 3.3% in the previous quarter

On the day, the pair trades a modest 0.7214/33 range in Asia and was last at 0.7223 in holiday thinned trading (last nights US Thanksgiving holiday)

Daily price action has dipped back inside the daily cloud, Slow stochs are rolling over from overbought zone and also Wed's failure at 0.7283 upped downside risks

Support remains at the overnight low (0.7210) and further below at daily Tenkan by 0.7176, while topside looks capped at 0.7278 (Trendline resistance)

Good to sell rallies around 0.7245, SL: 0.7290, TP: 0.7175

Resistance Levels:

R1: 0.7278 (Trendline resistance)

R2: 0.7283 (Daily High Nov 25)

R3: 0.7297 (Daily High Oct 23)

Support Levels:

S1: 0.7210 (Nov 26 lows)

S2: 0.7199 (100 DMA)

S3: 0.7189 (10 DMA)

Comments

aud pointing deep downside.. 0.707..

Reply
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