AUDUSD – Daily Technical Outlook...
- AUD dropped to its lowest level since October against USD and is headed for its fifth straight week of declines after official Chinese PMI indicated that China's manufacturing industry and global growth is slowing more than anticipated.
- On Thursday, amid volatile moves, AUD again slipped below the important support level of 0.9700 and recovered from day’s low of 0.9673 to finally settle above 0.9700 at 0.9721.
- As was mentioned in yesterday’s report, the pair has signaled further downward momentum at least till 0.9550 levels.
- On Friday, AUD opened above 0.9700 against USD and tried to keep its head above 0.9700, but failed to do so and after hitting intraday low of 0.9581 is currently quoting at 0.9643.
- On the downside, the pair may find minor support around 0.9600 levels, before the important support level of 0.9550.
- Should the pair manages to slip below 0.9550, the downside target may get extended till 0.9400 levels in the short-term.
- On the upside, the pair may face resistance moving above 0.9660 – 0.9670 zone. Moreover, the level of 0.9700 will now act as major resistance on the upside for the currency pair.
- Although momentum oscillators, like RSI and Stochastic, are showing oversold reading, the pair may still continue to remain oversold since it is in a strong down-trend.
Intraday Important Technical Report
Support 1 – 0.9620 Resistance 1 – 0.9666
Support 2 – 0.9596 Resistance 2 – 0.9698
Support 3 – 0.9553 Resistance 3 – 0.9738
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