The recent report of Moody’s about China had a negative impact on Aussie. Along with other signals analysts of ADS Securities foresee AUDUSD Bearish below 0.7615. Will the bulls take over in the medium term?
29 March, ADS Securities – The Australian Dollar traded in the green against the greenback in the previous session and settled at 0.7633, after hitting a high at 0.7654. As of now, the pair is trading with a bearish tone dragged down by a recent report by Moody’s which indicated rising risks for Chinese economy from a potential future property downturn.
AUDUSD Bearish below 0.7615
Additionally, a potential signal line crossover from above by the MACD indicator further validates the above view. Immediate support is positioned at the 0.7635 where EMA 55 is trading, followed by the 0.7625 and 0.7615 levels. A move back below the latter trigger downside momentum in the pair.
On the contrary, the crucial technical obstacle is situated at the 0.7650 level, followed by the 0.7655 and 0.7660 levels. A sustained break above the latter might lead to positivity in the pair.
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