AUD USD unsuccessful to boost
10/10/2016 12:41:07 PM
After being unsuccessful to develop to disappointing NFP-led recovery gains, the AUD/USD on Monday met rejection at 50-day SMA and is now expanding its slide more below 0.7600 handle.
Currently trading at session lows around 0.7585 level, the pair retreated from weekly bullish gap opening at an important support break point among renewed dollar buying interest.
From technical viewpoint, constant decline below 50-day SMA has turned the pair at risk to expand its near-term downslide and therefore, any bounce-off lower levels might now be supposed by traders as an opportunity to initiate fresh short-positions.
A follow through selling pressure below 0.7585 immediate support is probable to speed up the slide immediately towards 0.7550 before the pair targets towards testing 100-day SMA support near 0.7520 region.
On the upside, 50-day SMA near 0.7610 area now looks to have arisen as immediate strong persistence, which if cleared seems to improve the pair immediately towards 0.7640 persistence ahead of its next major hurdle near 0.7675 area.