FxWirePro: AUD/USD gains some upside momentum but still bearish
13 September 2016, 09:39
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- The pair initially declined in the early US session but rebounded back
strongly after Federal Reserve expressed caution about the need to raise U.S.
interest rates.
- Fed Governor Lael Brainard said on Monday she wanted to see a stronger trend
in U.S. consumer spending and evidence of rising inflation before the Fed raises
rates.
- Currently, the currency pair is trading around 0.7561levels, a short rise
towards 0.7585 should be taken as selling opportunities, as Australian dollar is
weaker against the US dollar in intraday trading.
- Strong support can be seen at 0.7476, a break below this level will expose the pair towards next support level located at .7418.
- Major resistance can be seen at 0.7650, a break above this level will open
the gates towards 0.7730 levels.
Resistance Levels
R1: 0.7585 (38.2% Retracement Level)
R2: 0.7650 (23.6% Retracement Level)
R3: 0.7730 (Sep 9th high)
Support Levels
S1: 0.7530 (50 % Retracement Level)
S2: 0.7476 (61.8 % Retracement Level)
S3: 0.7418 (Daily lows)
