Slobodan Drvenica
Windsor Brokers
AUD/USD
AUDUSD edges higher on Friday as traders collected part of profits from the drop in past four days.
Today’s action marks the first gain this week, but the pair remains on track for a weekly loss of over 1% so far.
Technical studies on daily chart are mixed and lack clearer direction signal, with lift and close above 0.6650 zone (10DMA / 50% retracement of 0.6714/0.6591) seen as a minimum requirement to keep recovery in play for retest of upper pivots at 0.6676 (Fibo 61.8% of 0.6871/0.6362) and 0.6713 (weekly cloud top).
Otherwise, the downside will remain vulnerable, as limited upticks will likely signal positioning for fresh push lower.
Pivotal supports lay at 0.6580/60 zone (last week’s low/Fibo 38.2% of 0.6362/0.6714/converged 100/55DMA’s) and break here would risk deeper correction.
Res: 0.6644; 0.6667; 0.6676; 0.6750.
Sup: 0.6592 0; 6580; 0.6560; 0.6538.
Interested in AUD/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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