- AUD/USD is making minor-recovery attempts after yesterday’s sell-off, tepid-bounce in commodities’ prices supports.
- On the daily charts downside has held major trendline support at 0.7442.
- Technical indicators on weekly charts largely bearish, scope for more downside.
- Our previous call (http://www.econotimes.com/FxWirePro-Aussie-fails-to-hold-Chinese-data-led-gains-good-to-short-AUD-USD-break-below-07540-281462) has almost hit all targets.
- Break below 0.7442 to see test of 200-DMA at 0.7394.
- Major support levels - 0.7445 (trendline), 0.7395 (200-DMA), 0.7371 (June 30 low)
- Major resistance levels - 0.7486 (session high), 0.75, 0.7537 (5-DMA), 0.7574 (10-DMA), 0.75
Recommendation: Good to sell rallies around 0.7490, SL: 0.7585, TP: 0.7445/ 0.74/ 0.7375