AUD USD tried to continue moving up
12/8/2016 8:24:53 AM
The AUD/USD pair tried to continue its move beyond 0.7510 psychological mark and has now retreated greater part of Chinese trade data-led gains to 3-week high.
At present trading around 0.7497 area, the pair firstly was seen building on to previous session's reversal from disappointing Australian GDP-led slide to 0.7405 area and rushed past 0.7500 handle following the release of Chinese trade balance data.
Immediate downside support is fixed at 0.7470 area below which the pair is to be expected to speed up the slide towards 0.7445 region before finally falling to 0.7405-15 strong horizontal support. On the upside, constant strength back above 0.7505 handle, leading to a momentum above 0.7515 level, should improve the pair more towards the very important 200-day SMA persistence near 0.7555 area.
Written by FxErvin