FxWirePro: AUD/USD gains some upside momentum but still bearish

13 September 2016, 09:39
Eko Rediantoro

  • 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)


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