- AUD/USD re-attempts 0.74 handle, but fails to break stiff resistance.
- Rally in base metals’ prices, particularly copper, along with upbeat Australian business conditions data boosted the Aussie.
- The NAB Business Conditions for May came in at 10 versus 10 last (revised higher from 9), while confidence ticked lower to 3 versus 5 previous.
- In the week ahead, we have Australia inflation expectations and jobs report along with the FOMC decision, the main risk event.
- Support is seen at 0.7372 (10-DMA), 0.7365 (trendline) and then 0.7348 (4H 200-SMA). Break below could see further weakness.
- Resistance is seen at 0.7409 (38.2% Fib of 0.7835 to 0.7145 fall) and then at 0.7411 (5-DMA).
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-struggles-at-074-handle-bias-lower-220947) has hit TP1.
- We recommend booking partial profits, stay short. Bearish invalidation only above 0.75 levels.
The material has been provided by InstaForex Company – www.instaforex.com