AUD/USD Daily Technical Analysis | 7 February 2018
2018-02-07 07:46 am | Resource: Technical Analysis Section | No Views : 281
Our neutral view of the pair until the breach is confirmed or 0.7834 is broken, and the 20 SMA is neutral.
The RSI 14 so far is trading in a major bearish direction and during today's Asian session, the bullish trend line broke, supporting the sellers at the buyers' expense.
It is expected that if the pair breaks against the US currency 0.7833 might target levels of 0.7817 while, if the pair breached the level of 0.7908 may target the level of 0.7976.
Support: 0.7817- 0.7784 - 0.7739
Resistance: 0.7889 - 0.7968- 0.8034
The dollar traded lower against the currencies as traders were also wary of looking for riskier assets awaiting developments on the trade front. The Fed cut its target overnight rate by a quarter percentage point on Wednesday, to a level of 1.75% to 2.0%, to offset slowing global growth and the risks partly associated with President Donald Trump's trade battles with China. This was the second Fed rate cut this…
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