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26 Apr 2016
AUD/USD: bears in control below 50 4hr sma
AUD/USD is currently consolidating at the convergence of the 200 and 100 sma on the hour charts.
AUD/USD rallied in late Asia early European markets opening from lows of 0.7696 to a high of 0.7744 on the same hourly stick, despite being previously weighed upon by Chinese iron ore futures fall over 4.5%.
US Durable Goods: Another miss - Wells Fargo
In the U.S. session and on the back of poor data, the pair was able to extend is assault on the bears and penetrated through the 100 sma on the hourly sticks on stops to score a high of 0.7765 before retreating back to 0.7732 and previous resistance.
"Durable goods orders added to the disappointing string of data to come out of the manufacturing sector in March," explained the analysts at Wells Fargo.
AUD/USD levels
AUD/USD's 18th April rally made it to the 0.7850 target level as the 38.2% retracement of move down from 2014 to 0.7836. However, since then there has been a bearish bias and a break down of commitments on the 0.77 handle from the bulls since a break below the 50 4hr sma at 0.7743. The mid-March high at 0.7680 is next psychological bearish target to the downside and below there we have the two-month support line that can be seen at 0.7656.
AUD/USD rallied in late Asia early European markets opening from lows of 0.7696 to a high of 0.7744 on the same hourly stick, despite being previously weighed upon by Chinese iron ore futures fall over 4.5%.
US Durable Goods: Another miss - Wells Fargo
In the U.S. session and on the back of poor data, the pair was able to extend is assault on the bears and penetrated through the 100 sma on the hourly sticks on stops to score a high of 0.7765 before retreating back to 0.7732 and previous resistance.
"Durable goods orders added to the disappointing string of data to come out of the manufacturing sector in March," explained the analysts at Wells Fargo.
AUD/USD levels
AUD/USD's 18th April rally made it to the 0.7850 target level as the 38.2% retracement of move down from 2014 to 0.7836. However, since then there has been a bearish bias and a break down of commitments on the 0.77 handle from the bulls since a break below the 50 4hr sma at 0.7743. The mid-March high at 0.7680 is next psychological bearish target to the downside and below there we have the two-month support line that can be seen at 0.7656.