• FxWirePro: AUD/USD struggles to hold upbeat National Australia Bank survey-led gains, break below cloud to see further downside

    Source: FxWire Pro - Technicals / 12 Feb 2019 06:40:42   Europe/London

    AUD/USD chart on Trading View used for analysis

    • AUD/USD struggles to hold upbeat NAB survey-led gains, uptick proved to be short-lived.
       
    • National Australia Bank's (NAB) business conditions index rose from +2 points in December to +7 in January. 
       
    • Meanwhile, the business confidence index improved slightly from +3 points in December to +4 in January.
       
    • NAB's business confidence and conditions surprised to the upside, but still remain way below the long-run average.
       
    • The major is trading in a major bear trend and upside was rejected at 200-DMA. 
       
    • Price is currently holding support at daily cloud and break below will see further weakness.

    Support levels - 0.7037 (Lower BB), 0.7021 (Oct 2018 low), 0.70

    Resistance levels - 0.7086 (5-DMA), 0.7147 (21-EMA), 0.72

    Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-edges-higher-tracking-jump-in-Chinese-iron-ore-futures-upside-lacks-traction-stay-short-on-rallies-1496056) is progressing well.

    Recommendation: Bias lower, hold for targets.

    For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

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