AUD/USD slips below cloud, good to sell rallies
0.72 is strong resistance for AUD/USD (trendline and pyshcological level), we would see bullishness only on breaks above.
Price action has dipped below daily cloud, Stochs and RSI have turned lower.
Risk-off in early Asian trades along with RBA Edward's comments knocked-off the AUD/USD pair below key 0.71 handle.
Edward talked down the domestic currency, noting that he would be more comfortable with AUD/USD at 0.65.
Immediate support on the downside is located at 0.7084 (Feb 17 lows), while immediate resistance is seen at 0.7148 (cloud top).
Good to sell rallies around 0.7120 levels, SL: 0.72, TP: 0.7085/0.7040/0.70
Price action has dipped below daily cloud, Stochs and RSI have turned lower.
Risk-off in early Asian trades along with RBA Edward's comments knocked-off the AUD/USD pair below key 0.71 handle.
Edward talked down the domestic currency, noting that he would be more comfortable with AUD/USD at 0.65.
Immediate support on the downside is located at 0.7084 (Feb 17 lows), while immediate resistance is seen at 0.7148 (cloud top).
Good to sell rallies around 0.7120 levels, SL: 0.72, TP: 0.7085/0.7040/0.70