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Thomson Reuters
Dec 04 - 07:24 AM
AUD/USD - COMMENT-Market Should Brace For A Major Key AUD/USD Break
First appeared on eFXplus on Dec 04 - 05:15 AM

Despite talk of good selling interest in AUD/USD ahead of the 200-DMA, 0.7416, the market should brace for a break.
Last time price was above was March 15.
The AUD has come up a long way from 0.7021 October lows, 5.3 percent, but over-stretched bets on a fall could provide fuel for further gains.
Price action is ignoring a daily ichimoku cloud twist down at 0.7170 on Dec.
14 and instead has sights on Fibo retrace levels off the long-term 0.8136 January 2018 high and October 0.7021 low.
The 38.2 percent retrace is at 0.7447 and 50 percent at 0.7579, the latter a realistic target on a close above the 200-DMA.
The 200-WMA is just ahead of the 50 percent level at 0.7518.
Dollar weakness as UST yields weaken and Sino-U.S.
trade tension show signs of easing are underpinning the AUD.
Away from the chart action, Australian third-quarter GDP is a focus for Wednesday.
Market expectations are for a healthy 3.3 percent pace for the year.

 

AUD/USD Daily Candle Chart: Click here

 

Source:
Thomson Reuters IFR Markets

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