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Apr 07 - 02:55 AM

AUD/USD - Had A Good Run, Now Profit-Taking Has Just Begun

By Ewen Chew  —  Apr 07 - 01:55 AM
  • AUD/USD declines second day after pivotal drop Wed; last 0.7480

  • Exit from Bollinger uptrend channel spurs selling

  • Profit-taking due after 10% rally since it bottomed in Jan

  • With further trimming amidst risk-off, downside targets eyed

  • 21 DMA at 0.7434 will be first test of dip-buying potential

  • If that fails, 38.2% Fibo at 0.7396 will be next

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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