AUD/USD scope for test of 100-DMA at 0.7499, short rallies
AUD/USD is set to continue decline after rejection at major trendline at 0.76 on Jan 24.
The pair hovers around 5-DMA at 0.7555, intraday bias remains bearish.
Rollover of Stochs from overbought zone with confirmation on MACD could accentuate weakness.
USD selling stalls, dollar bears take a breather from Trump’s policies and dismal US GDP data induced massive sell-off.
Focus on major data lined up for this week which includes - US core PCE price index data, followed by the FOMC decision, China manufacturing PMI and US payrolls.
Support levels - 0.7545 (session lows), 0.7540 (61.8% Fib), 0.7499 (100-DMA), 0.7467 (50% Fib)
Resistance levels - 0.7555 (5-DMA), 0.76 (Jan 24 high), 0.7644 (78.6% Fib)
Good to go short on rallies around 0.7560, SL: 0.7620, TP: 0.75/ 0.7465/ 0.7450/ 0.74
The pair hovers around 5-DMA at 0.7555, intraday bias remains bearish.
Rollover of Stochs from overbought zone with confirmation on MACD could accentuate weakness.
USD selling stalls, dollar bears take a breather from Trump’s policies and dismal US GDP data induced massive sell-off.
Focus on major data lined up for this week which includes - US core PCE price index data, followed by the FOMC decision, China manufacturing PMI and US payrolls.
Support levels - 0.7545 (session lows), 0.7540 (61.8% Fib), 0.7499 (100-DMA), 0.7467 (50% Fib)
Resistance levels - 0.7555 (5-DMA), 0.76 (Jan 24 high), 0.7644 (78.6% Fib)
Good to go short on rallies around 0.7560, SL: 0.7620, TP: 0.75/ 0.7465/ 0.7450/ 0.74