AUD USD fell among global risk aversion trade
3/22/2017 8:17:57 AM
According to Forex market, the AUD/USD pair expanded overnight harsh reversal move from yearly tops and fell farther below the 0.7705 handle among global risk aversion trade.
Preserving bearish sentiment around commodity space, joined with a minor USD positive view, kept on using selling pressure for the second successive session and pulled the major to weekly lows near mid-0.7603s.
A follow through selling pressure below 0.7655 level is probable to speed up the slide towards 45-day SMA support near 0.7613 area, below which the pair is probable to goal towards testing the very important 180-day SMA support near 0.7555 area.
On the upside, any recovery back above 0.7677 level might now provoke strong persistence near 0.7705 region, which if cleared finally might cause a short-covering rally back towards several month highs persistence near mid-0.7690s before the pair ultimately heads towards testing Nov. 2016 highs persistence near 0.7777 area.
FOREX market analysis by FxErvin.