AUD/USD finds strong support at 0.7585, break below targets 0.75
Aussie rally stalls at 0.7658 levels, pair has slipped from highs and is currently struggling at the 0.76 handle.
We see strong trendline support at 0.7585 levels, further weakness only on break below.
Downside could then test 0.7571 (61.8% Fib), further weakness could take the pair to 0.7530 (July 12 lows).
On the upside, resistance aligned at 0.7658 (July 12 high), 0.7687 (78.6% Fib) and then 0.77 levels.
Data released earlier today showed Australia Westpac Consumer Confidence Index down to 99.1 in July from previous 102.2.
China data awaited, a 5% decline in exports and 6.2% decline in imports expected. Sliding Chinese exports could weigh further on the Aussie.
Trade Idea: Good to go short on break below 0.7585, SL: 0.7630, TP: 0.7530/ 0.75
We see strong trendline support at 0.7585 levels, further weakness only on break below.
Downside could then test 0.7571 (61.8% Fib), further weakness could take the pair to 0.7530 (July 12 lows).
On the upside, resistance aligned at 0.7658 (July 12 high), 0.7687 (78.6% Fib) and then 0.77 levels.
Data released earlier today showed Australia Westpac Consumer Confidence Index down to 99.1 in July from previous 102.2.
China data awaited, a 5% decline in exports and 6.2% decline in imports expected. Sliding Chinese exports could weigh further on the Aussie.
Trade Idea: Good to go short on break below 0.7585, SL: 0.7630, TP: 0.7530/ 0.75
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