FxWirePro: AUD/USD consolidates previous session's slump, further downside likely on escalating trade war fears

• AUD/USD consolidates previous session's slump, trades 0.23% higher on the day at 0.7383 at the time of writing.
   
• Aussie dollar to remain under pressure amid rising US-China trade war fears.
   
• On the other side, we are seeing broad-based strength in the Greenback as markets seem to trust Trump's move on imposing tariffs on Chinese goods.
   
• Trump administration is reportedly planning to publish a list of 'new' tariffs that are to be imposed on $200 billion worth of Chinese goods.
   
• Major trend in the pair is bearish and bearish turn on technical indicators on intraday charts suggests weakness.
   
• We find immediate resistance at 0.7390, break above could se minor pullback. 

Support levels - 0.7377 (1H 5-SMA), ), 0.7327 (61.8% Fib), 0.73

Resistance levels - 0.7390 (30min 55-EMA & 15min 110 EMA), 0.74, 0.7420 (5-DMA), 0.7484 (July 9&10 high)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-recovery-attempts-capped-at-4H-110-EMA-good-to-short-upticks-1401295) has hit TP1.

Recommendation: Hold for further downside. 

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -21.1943 (Neutral), while Hourly USD Spot Index was at 45.6307 (Neutral) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.