AUDUSD – risk of deeper pullback on overbought studies remain in play

Slobodan Drvenica Windsor Brokers

AUDUSD

The Aussie is holding within the tight range after failing to benefit on upbeat Chinese data. The pair stays below Friday’s high at 0.7833 (the highest since 21 Apr 2016), but psychological 0.7800 support limits the downside attempts on minor profit taking for now.
Overbought daily studies warn of deeper correction following last week’s strong rally (the pair was up nearly 3% for the week), but so far lacking stronger signal. Firm break below 0.7800 handle is needed to trigger fresh bearish acceleration and expose supports at 0.7772/33 (Fibo 23.6% and 38.2% of 0.7572/0.7833 upleg) respectively.
Upper break points at 0.7833 (21 Apr 2016 high) and 0.7848 9Fibo 38.2% of 0.9503/0.6825 descend) remain in near-term focus.
Res: 0.7833; 0.7848; 0.7907; 0.7940
Sup: 0.7800; 0.7772; 0.7733; 0.7702

Interested in AUDUSD technicals? Check out the key levels

1. R3 0.7842
2. R2 0.7837
3. R1 0.7831
PP 0.7826
1. S1 0.7819
2. S2 0.7814
3. S3 0.7807

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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