AUDUSD – bears extend below 100SMA; focus 0.7712 low
The Australian dollar remains in red on Friday and extends strong fall of the previous day, which broke and closed below thick daily cloud, as the Aussie remains under pressure on concerns of trade war.
Friday’s extension lower was sparked risk fresh risk aversion on new turmoil in the US politics.
Bears took out former key support at 0.7773 (100SMA) and Fibo 76.4% of 0.7712/0.7916 upleg at 0.7760, opening way towards 0.7712 (01 Mar low).
Today’s action is capped by broken 20SMA (0.7800) former strong support, turned to resistance and guarding cloud base (0.7817), which should cap extended upticks.
Res: 0.7773; 0.7800; 0.7817; 0.7836
Sup: 0.7725; 0.7712; 0.7664; 0.7634