0
106
- Upbeat Chinese data releases failed to lift sentiment across markets. Most
major Asian indices slipped into the red.
- Aussie failed to hold gains after the trio of upbeat China data release -
retail sales, industrial production, fixed asset investment.
- AUD/USD recovery stalls shy of hourly 55-EMA (0.7569), the pair has slipped
lower to currently trade at 0.7541.
- On the hourly charts, we see breach of trendline support at 0.7547. The pair
is on track to test 1H 20-DMA support at 0.7540.
- Violation there should see downside upto 0.75 levels. Further weakness to
see test of 0.7490 and then 0.7435 levels.
- Major support levels - 0.7540 (1H 20-DMA), 0.7509 (110-EMA), 0.7490 (Aug 31
low), 0.7435 (trendline)
- Major resistance levels - 0.7555 (trendline), 0.7566 (1H 55-EMA), 0.7586
(10-DMA), 0.7596 (20-DMA)
Recommendation: Good to go short on break below 0.7540, SL: 0.7590, TP: 0.75/ 0.7490/ 0.7435