AUD/USD upside likely limited, short rallies
AUD/USD extends gains after RBA's neutral stance, spiked to hit highs of 0.7625 before reversing gains to slip back to 0.7592.
The pair has now resumed upside and has regained the 0.76 handle and is currently trading at 0.7617.
Rising expectations of Fed tightening at March meeting and lowering of China growth targets are likely to keep upside limited.
On daily charts wee see stiff resistance at 0.7640-45 region. Only break above will see bullishness.
Support levels - 0.7607 (5-DMA), 0.7543 (Mar 3 low), 0.7528 (200-DMA)
Resistance levels - 0.7640 (trendline), 0.7656 (20-DMA), 0.77, 0.7740 (Feb 23 high)
Good to go short on rallies around 0.7640/55, SL: 0.7740, TP: 0.76/ 0.7545/ 0.7530/ 0.75/ 0.7450
The pair has now resumed upside and has regained the 0.76 handle and is currently trading at 0.7617.
Rising expectations of Fed tightening at March meeting and lowering of China growth targets are likely to keep upside limited.
On daily charts wee see stiff resistance at 0.7640-45 region. Only break above will see bullishness.
Support levels - 0.7607 (5-DMA), 0.7543 (Mar 3 low), 0.7528 (200-DMA)
Resistance levels - 0.7640 (trendline), 0.7656 (20-DMA), 0.77, 0.7740 (Feb 23 high)
Good to go short on rallies around 0.7640/55, SL: 0.7740, TP: 0.76/ 0.7545/ 0.7530/ 0.75/ 0.7450