FxWirePro: AUD/USD Recovers Gap Down Open, Bearish Trend Firmly in Place
16 May 2016, 08:09
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FxWirePro: AUD/USD Recovers Gap Down Open, Bearish Trend Firmly in Place
- AUD/USD has recovered the opening downside gap but bearish trend in the pair firmly in place.
- Poor Chinese data over the weekend weighed heavily on the pair, AUD/USD hit session lows at 0.7244.
- AUD/USD currently trading at 0.7289, after hitting a session/day high of 0.7293.
- Strong US data on Friday (retail sales and consumer sentiment soared) along with Tuesday's upcoming RBA minutes, should cap the upside.
- Price action has broken below the daily cloud and 50% Fib retrace of Jan to Apr rally.
- Strong support is seen at 0.7212 which is 61.8% Fib retrace of Jan to Apr rally, breaks below could see weakness to 0.71 levels.
- On the upside immediate resistance is seen at 0.73, then at 0.7323 (5-DMA) and 0.7331 (50% Fib).
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