FxWirePro: AUD/USD Retraces Some of Last Week's Losses, Overall Bias Negative

27 July 2015, 09:37

• AUD/USD dived to 0.7259, its lowest level in over six years last week
  
• Oil and gold traded sharply lower on speculation of Fed hike as soon as next Sept, weighing heavily on commodity currencies
  
• The pair retraced some of last week's losses and edged higher in Asia, towards 0.73 barrier
  
• At the time of writing, AUD/USD pair trades marginally higher at 0.7293, with immediate resistance at 0.7310 (4h Tenkan-Sen)
  
• Supports on the downside are located at 0.7269 (2015 Low Jul 24) and then at 0.7260 (Daily Low Jul 24)
  

Recommendation: Good to short rallies, Entry: 0.7300 levels, SL: 0.7350, TP: 0.7260
Resistance Levels:
R3: 0.7400 (Psychological Level)

R2: 0.7362 (Daily High Jul 24)

R1: 0.7340 (Upper 21-h Bolli)

Support levels:
S1: 0.7269 (2015 Low Jul 24)

S2: 0.7260 (Daily Low Jul 24)

S3: 0.7241 (Daily Low May 1 2009)

Source : FX-Primus

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