Fxwirepro: Aud/usd Outlook Weaker on renewed Downside Pressure

  • AUD/USD declined to trade in lower range on Thursday as  Australian was dollar-weighted down by lower oil prices and on persistent uncertainty over French elections and tensions in North Korea and Syria.
     
  • The dollar remained fragile after much-awaited tax reform plans from U.S. President Donal Trump did not boost investor confidence as expected.
     
  • Trump's proposal to slash tax rates for businesses and on overseas corporate profits returned to the U.S. didn't excite the markets, as it failed to offer details on how it would be paid for without increasing the country's deficit.
     
  • Further upside for this pair is expected to be limited as strong resistance level at 0.7512 is set to limit upside and bring decline towards lower levels.
     
  • To the upside, the strong resistance can be seen at 0.7473, a break above this level would take the pair towards next resistance level at 0.7512.
     
  • To the downside immediate support can be seen at 0.7435, a break below this level will open the door towards next level at 0.7388.

    Resistance Levels

    R1: 0.7473 (50% Retracement level)  

    R2: 0.7512 (61.8% Retracement level)

    R3: 0.7555 (April 26th high)

    Support Levels

    S1: 0.7435 (38.2% Retracement level)

    S2: 0.7388 (23.6% Retracement level)

    S3: 0.7346 (Jan 11th lows)

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

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