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31 Mar 2015
AUD/USD downside favoured while below 0.77 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, sees short-term downside pressure building on AUD/USD while the pair trades below 0.77 levels, further anticipating a break below 0.7560 to pave way for 0.7520.
Key Quotes
“AUD/USD continues its descent in the short-term downtrend channel, with further room for declines as the daily RSI standing at 39.63 aims sharply lower in to the bearish terrain.”
“AUD/USD is likely to extend losses and drop to 0.7520 levels ahead of US NFP figures given the unfavourable macro fundamentals surrounding the Aussie.”
“The pair may find a strong support at 0.7560 levels and selling pressure may intensify below that level dragging the pair to test 0.7520.”
“In case of a failure to breach 0.7560, AUD/USD may rebound sharply and swing back higher for a retest of 0.77 handle and beyond.”
“Overall, a short term downtrend persists in AUD/USD so long as it remains below 0.77.”
Key Quotes
“AUD/USD continues its descent in the short-term downtrend channel, with further room for declines as the daily RSI standing at 39.63 aims sharply lower in to the bearish terrain.”
“AUD/USD is likely to extend losses and drop to 0.7520 levels ahead of US NFP figures given the unfavourable macro fundamentals surrounding the Aussie.”
“The pair may find a strong support at 0.7560 levels and selling pressure may intensify below that level dragging the pair to test 0.7520.”
“In case of a failure to breach 0.7560, AUD/USD may rebound sharply and swing back higher for a retest of 0.77 handle and beyond.”
“Overall, a short term downtrend persists in AUD/USD so long as it remains below 0.77.”