AUDUSD is neutral with a temporary top at 0.7608
- Buz Investors temporary top The pair is trading at 0.7530 at 10:40 GMT this morning, with the Australian Dollar trading marginally lower against US Dollar from the New York close.
- Early morning data showed that Australia’s producer price index climbed on a quarterly basis in 4Q 2016. This morning, the pair traded at a high of 0.7542
- The Australian Dollar traded slightly lower against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7534. The pair is expected to its find support at 0.7507 and its first resistance at 0.7554.
temporary top Intraday bias in AUD/USD is neutral with a temporary top at 0.7608. Above 0.7608 will extend the rise from 0.7158. But we’d expect upside to be limited by 0.7777/7833 resistance zone to bring near term reversal. On the downside, break of 0.7448 will indicate that rebound from 0.7158 is completed and turn bias back to the downside for 0.7144 key support level.
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In the bigger picture, AUD/USD is staying inside long term falling channel and it’s likely that the down trend from 1.1079 is still in progress. Break of 0.6826 low will confirm this bearish case. We’ll be looking for bottoming sign again as it approaches 0.6008 key support level. Meanwhile, sustained break of 0.7833 resistance will be a strong sign of medium term reversal.
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