AUD/USD analysis: at risk of falling further

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7624

It was a wild ride for the AUD/USD pair, as it rose to 0.7778 late Tuesday, its highest since April, but plunged down to 0.7578 on the announcement of Trump's victory in the US Presidential election. The pair sunk alongside with worldwide stocks, as Asian shares plunged with the news, in spite of China reporting that consumer inflation grew at its fastest pace in October. The CPI rose 2.1% from a year early, matching expectations, although it fell by 0.1% compared to September 2016. The Producer Price index beat expectations YoY, up by 1.2% against previous 0.1%. The pair struggled for direction for the rest of the day, but finally capitulated to dollar's demand and falling gold prices, ending the day well into the red, despite Wall Street's gains. The technical picture favors further slides, although the pair held again above the daily ascendant trend line coming from May 30th low of 0.7148, now around 0.7600, converging with a strong Fibonacci support. Technical indicators in the 4 hours chart, head lower within bearish territory, while a bearish 20 SMA capped the upside during the last two sessions, favoring a retest of the mentioned low. Should the bearish momentum extend, the pair could extend its slide down to 0.7450, a long term static support and the base of these last months' range.

Support levels: 0.7600 0.7570 0.7525

Resistance levels: 0.7640 0.7690 0.7730

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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