FxWirePro: AUD/USD Recovers Gap Down Open, Bearish Trend Firmly in Place

FxWirePro: AUD/USD Recovers Gap Down Open, Bearish Trend Firmly in Place

16 May 2016, 08:09
Roberto Jacobs
0
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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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