- Aussie remained under intense selling pressure for the third consecutive session dented by slump in commodity prices.
- AUD/CHF hit fresh 2017 lows at 0.7369 before paring some losses to currently trade around 0.73 hanlde.
- Upside lacks traction, the pair struggling to hold gains above the 0.73 handle.
- We see Doji formation at lows which could result in some consolidation.
- Technical studies continue with the bearish bias, we do not see signs of reversal in trend.
Support levels – 0.7269 (session lows), 0.7243 (Nov 9 low), 0.7212 (78.6% Fib retrace of 0.70323 to 0.78069 rise)
Resistance levels – 0.7320 (trendline), 0.7328 (61.8% Fib), 0.7391 (5-DMA)
Call update: Our previous call (http://ift.tt/2qsVtIT) has hit all targets.
Recommendation: Book full profits at lows. Fresh shorts recommended only on decisive break below 0.7269.
FxWirePro Currency Strength Index: FxWirePro’s Hourly AUD Spot Index was at -67.1787 (Slightly bearish), while Hourly CHF Spot Index was at 62.5654 (Slightly bullish) at 0915 GMT. For more details on FxWirePro’s Currency Strength Index, visit http://ift.tt/2fd4Y8T.
The material has been provided by InstaForex Company – www.instaforex.com
May 05, 2017 at 03:22PM
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