• FxWirePro: AUD/USD edges higher from major trendline support at 0.7425, further weakness likely on break below

    Source: FxWire Pro - Technicals / 18 Jun 2018 02:10:51   America/New_York

    • AUD/USD has held strong trendline support at 0.7425 and edged higher, bias remains bearish.
       
    • The pair is trading 0.14% higher on the day at 0.7450 at the time of writing.
       
    • Focus now on Reserve Bank of Australia (RBA) for the latest Monetary Policy Meeting Minutes to judge the RBA's stance on the Australian economy.
       
    • The central bank has been firmly planted in wait-and-see mode, and is expected to remain as such for the indeterminate future.
       
    • Technical indicators are biased lower. Price action rages below major moving averages.
       
    • Break below trendline support at 0.7425 will see further weakness. Next major bear target lies at 0.7328 (May 8 low).
       
    • 5-DMA is immediate resistance. break above could see minor upside.

    Support levels - 0.7425 (major trendline), 0.74, 0.7371 (June 2 lows)

    Resistance levels - 0.7503 (5-DMA), 0.7551 (cloud base), 0.76

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-edges-higher-from-4-week-lows-at-07452-bias-lower-good-to-go-short-on-upticks-1371449) is proceeding well.

    Recommendation: Book partial profits at lows. Watch out for break below trendline support at 0.7425 for further weakness.

    FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -113.143 (Bearish), while Hourly USD Spot Index was at 117.655 (Bullish) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

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