FxWirePro: AUD/USD extends weakness for the 4th straight session, breaks below 200H MA

AUD/USD chart - Trading View 

AUD/USD has edged higher from session lows at 0.7251 and was trading largely unchanged at 0.7271 at around 04:15 GMT.

The pair finds strong support at 21-EMA at 0.7238 and scope for further weakness only on break below.

Oscillators are showing a rollover from overbought levels and price action has also slipped below 200H MA raising scope for weakness.

Data released earlier in the Asian session showed Australia revised July Retail Sales lower to 3.2% from initial estimate of 3.3%. 

A downward revision to Australia's July retail sales may weigh on the Aussie. Selling pressure may steepen if the global stock markets track the US equities lower.

That said, ultra-accommodative monetary policies from major central banks is likely to keep the pair supported on dips.

Pullbacks are likely to be shallow. Break below 21-EMA will see dip till 55-EMA and then daily cloud. Focus on key U.S. NFP data for impetus. 

Support levels - 0.7238 (21-EMA), 0.7099 (55-EMA), 0.7050 (daily cloud)

Resistance levels - 0.73, 0.7325 (5-DMA), 0.7413 (weekly high)