FXWIREPRO: AUD/USD Breaks Strong Trendline Support, Good to Go Short
- AUD/USD was dragged down by risk-aversion in early Asian session, the pair slipped from day's highs at 0.77 to hit lows of 0.7647.
- The Aussie attempts a minor recovery after Chinese PMI datasets helped cushion the downside in the prices.
- The Chinese Manufacturing PMI rose from 49.0 in February to nine-month high of 50.2 in March. While March Caixin manufacturing PMI came at 49.7 vs 48.2 expected and 48.0 last, hitting a one-year high.
- But bears remain in control, pair slipping as we write, is currently back at session lows.
- AUD/USD has breached strong trendline support at 0.7653 levels and we see scope for downside.
- Immediate support and resistance are seen at 0.7629 (5-DMA) and 0.77 (day's high till now).
Recommendation: Good to sell rallies around 0.7650, SL: 0.77, TP: 0.7620/0.76
The material has been provided by InstaForex Company - www.instaforex.com