FxWirePro: AUD/USD Hits 2 1/2-Months Low, Outlook Bearish

FxWirePro: AUD/USD Hits 2 1/2-Months Low, Outlook Bearish

19 May 2016, 18:40
Roberto Jacobs
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FxWirePro: AUD/USD Hits 2 1/2-Months Low, Outlook Bearish

  • The AUD/USD pair declined to hit 2 ½ month low on Thursday, as commodity currencies weakened across the board after oil prices declined sharply following Feds meeting indicating that the US central bank will more likely raise interest rate sooner. 
  • The pair hit high at 0.7224, after finding short buying interest around 0.7173 levels before retreating slightly towards 0.7196 levels in the early US session. 
  • Currently the currency pair is trading at 0.7214 levels, it is set to decline future towards 0.7150 and 0.7100 levels in the short term. 
  • To the upside, the strong resistance can be seen at 0.7259, a break above this level would take the pair towards next resistance level at 0.7297
  • To the downside immediate support can be seen at 0.7191, a break below this level will open the door towards next level at 0.7150. Resistance Levels R1: 0.7224 (50% Retracement level) R2: 0.7259 (61.8% Retracement level) R3: 0.7297 (Daily high) Support Levels S1: 0.7191 (38.2% Retracement level) S2: 0.7150 (23.6% Retracement level) S3: 0.7100 (Psychological levels)



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