By Fast Brokers – The Aussie is registering a sizable down-bar on the 4-hour as the risk trade pulls back across the board. Weak economic data from Europe and the U.S. has dented upward momentum built up towards the end of last week. The AUD/USD is participating to the downside this time around despite its relative strength as of late. Although the Aussie has dipped back below its psychological level it is still trading comfortably above 2/19 lows. Hence, the Aussie’s uptrend is still intact. On the other hand, investors should continue to monitor activity in the Cable, EUR/USD and gold. Should the Cable and EUR/USD trip below their previous February lows and gold follow south the Aussie may participate due to correlative forces. Australia will release Construction Work and Wage Price
Technically speaking, the Aussie has multiple uptrend lines serving as technical cushions along with intraday, 2/18, and 2/19 lows. As for the topside, the Aussie has multiple downtrend lines serving as technical barriers along with the highly psychological. .90 level.
Price: .8955
Resistances: .8969, .8981, .9004, .9018, .9039, .9059
Supports: .8949, .8930, .8917, .8903, .8885, .8873
Psychological: .90, February Highs
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Market Commentary provided by Fast Brokers.
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