AUD USD Run to persistence
11/3/2016 8:58:51 AM
The AUD/USD pair ran into persistence located near daily R1 and took a sharp U-turn thereon, watching a sharp fall to 5-DMA as risk-off trades picked-up pace.
Currently, the AUD/USD pair now fell -0.18% to 0.7645, floating within a significant distance of session lows hit at 0.7637 some minutes ago. The Aussie stalled its recoil from hourly 50-SMA and fell back into losses as a renewed risk-aversion wave hit the markets on reports of gunshots at a US naval base in Japan.
Earlier on the day, the AUD recoiled as high as 0.7685 on the back of upbeat Chinese services PMI-led optimism, with the Caixin China services PMI coming in at 52.4 in Oct against 52.0 last, and almost bang on expectations of a growth to 52.5 points.
The pair finds the immediate persistence at 0.7685 above which gains could be expanded to the next hurdle placed 0.7710 and 0.7740. On the other hand, the immediate support placed 0.7637. Selling pressure is likely to increase below the last, dragging the Aussie to 0.7610 and below that at 0.7535.
Fundamental Analysis
by FxErvin
