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Technical Outlook: AUDUSD Is Looking For Close Below Cracked Fibo Support At 0.7386 For Fresh Bearish Signal

The Aussie remains under strong pressure and fell further on Friday after RBA indirectly suggested that record low interest rate at 1.5% would remain for some time. The pair dipped to fresh nearly five-month low at 0.7366 and cracked pivotal support at 0.7386 (Fibo 61.8% of 0.7163/0.7747 ascend) and is on track for the third consecutive weekly bearish close.

Close below 0.7386 pivot would increase downside risk for further weakness towards strong support at 0.7329 (weekly cloud base) and 0.7301 (Fibo 76.4%) in extension.

Bears may pause on end-of-week profit-taking and oversold daily studies, however, bias remains firmly with bears and limited upside action is expected.

Former key support at 0.7438 (27 Apr low) and falling daily Tenkan-sen / broken weekly Kijun-sen (0.7468) should keep the upside protected.

Res: 0.7413, 0.7438, 0.7468, 0.7518
Sup: 0.7386, 0.7366, 0.7329, 0.7301

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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