Technicals - AUD/USD major support located at 0.7385
QMG Pty Ltd
The AUD/USD originally generated a technical buy signal at 0.7228 on 22/2/16. At that point the technical outlook turned positive. The nominated upside technical target was located at 0.7850 (it reached a peak of 0.7834 on 21/4/16 before declining). As a result of the overnight decline, the support level located at 0.7520, that had underpinned the rally since mid-January 2016, has been broken. However this negative technical break does not suggest a further large downward move given there is significant major subsequent support located at 0.7385, as highlighted on the chart below.
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.