Aud/usd Breaks Major Support 0.7250, Decline Till 0.7158 Is Possible

  • RES 4 : 0.7350 (Jul 29th high)
  • RES 3: 0.7328 (200 day HMA)
  • RES 2 : 0.7273 (55 day H EMA)
  • RES 1: 0.7271 (7 day  H EMA)

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  • SUP 1: 0.7250 (161.8% retracement of 0.73266 and 0.74484)
  • SUP2: 0.7193 (61.8% projection of 0.7848 to 0.73266 from 0.7448)
  • SUP 4: 0.7158 (100%  projection of 0.7256 and 0.7488 from 0.73499)
  • SUP 4 : 0.7100

Aussie has broken the major support 0.7250 and a decline till 0.7180 cannot be ruled out .

Intraday trend is weak as long as resistance 0.7350 holds and slight bullishness can be seen if it closes above 0.7350.

Any break of 0.7350 will target 0.7380/0.7410. Overall bearish invalidation only above 0.7500.

On the downside any break below 0.7250 will drag the pair further down till 0.7193/0.7158 in short term.

It is good to sell on rallies around 0.7270 with SL around 0.7330 for the TP of 0.7195/0.7158.

The material has been provided by InstaForex Company – www.instaforex.com

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