AUD/USD outlook: Regains traction after losing over 1% this week
AUD/USD
AUDUSD edges higher on Friday as traders collected part of profits from the drop in past four days.
Today’s action marks the first gain this week, but the pair remains on track for a weekly loss of over 1% so far.
Technical studies on daily chart are mixed and lack clearer direction signal, with lift and close above 0.6650 zone (10DMA / 50% retracement of 0.6714/0.6591) seen as a minimum requirement to keep recovery in play for retest of upper pivots at 0.6676 (Fibo 61.8% of 0.6871/0.6362) and 0.6713 (weekly cloud top).
Otherwise, the downside will remain vulnerable, as limited upticks will likely signal positioning for fresh push lower.
Pivotal supports lay at 0.6580/60 zone (last week’s low/Fibo 38.2% of 0.6362/0.6714/converged 100/55DMA’s) and break here would risk deeper correction.
Res: 0.6644; 0.6667; 0.6676; 0.6750.
Sup: 0.6592 0; 6580; 0.6560; 0.6538.
Interested in AUD/USD technicals? Check out the key levels
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.