AUD/USD retraces from day's highs, good to sell rallies
AUD/USD fails to hold above the 0.71 handle, upside bias seems to have lost momentum, trades largely unchanged at around 0.7090 levels.
The pair is extending declines after rejection at strong trendline resistance on Feb 4th.
Techs suggest downside for the pair, Stochs, RSI and MACD are biased lower, tests of 0.6973 likely.
Daily charts show a bearish 5-DMA crossover on the 10-DMA, which further reinforces downside.
Immediate resistance is seen at 0.7099 (10-DMA), while support on the downside is located at 0.7038 (Feb 10th lows).
Good to sell rallies around 0.7095, SL: 0.7175, TP: 0.7037/0.6975
The pair is extending declines after rejection at strong trendline resistance on Feb 4th.
Techs suggest downside for the pair, Stochs, RSI and MACD are biased lower, tests of 0.6973 likely.
Daily charts show a bearish 5-DMA crossover on the 10-DMA, which further reinforces downside.
Immediate resistance is seen at 0.7099 (10-DMA), while support on the downside is located at 0.7038 (Feb 10th lows).
Good to sell rallies around 0.7095, SL: 0.7175, TP: 0.7037/0.6975