AUD USD presents a slight recovery 1
9/14/2016 8:35:16 AM
Having fallen to a 7-week low on Tuesday, the AUD/USD pair tried a tepid recovery on Wednesday and is currently floating around 100-day SMA near 0.7475 region.
With the dollar shrugging-off fading hopes of an ultimate Fed rate-hike action in September, the major on Tuesday dropped sharply below August monthly lows and broke 100-day SMA support. The pair, though, managed to hold and present a minor recovery from 0.7450 support area marking 50% Fibonacci retracement level of 0.7150 up-move.
Minor advance in risk sentiment on Wednesday helped the pair to recover a part of Tuesday's heavy losses, in spite of weaker consumer sentiment data released earlier during Asian session.
From current levels, 0.7500 psychological mark is likely to act as immediate persistence above which the pair is expected to build on to its recovery move further 0.7545 horizontal persistence. In the meantime on the downside, continued weakness below 0.7450 support has the potential to drag the pair immediately towards the very important 200-day SMA support near 0.7405 region.