FxWirePro: AUD/USD hovers around major trendline support at 0.7665, decisive break below to see further weakness

• AUD/USD pauses downside at major trendline support at 0.7665, break below to see further weakness.
   
• The pair is extending weakness after rejection at 200-DMA resistance, breaks below 20-DMA.
   
• Technical indicators have turned bearish. Stochs are biased lower. RSI is below 50 and biased lower.
   
• We see -ve DMI crossover on +ve DMI which adds to the bearish bias. MACD is on verge of bearish crossover on signal line.
   
• Violation at 0.7665 support could see further weakness. Scope then for test of 78.6% Fib at 0.7637.
   
• Bearish invalidation only above 20-DMA at 0.7711.

Support levels - 0.7665 (trendline), 0.7637 (78.6% Fib), 0.76, 0.7573 (88.6% Fib)

Resistance levels - 0.7711 (20-DMA), 0.7743 (61.8% Fib), 0.7725 (5-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-rejected-at-major-resistance-at-07815-breaks-below-20-DMA-good-to-short-rallies-1265599) has hit TP2.

Recommendation: Book partial profits at lows. Trail SL to 0.7715. Hold for further weakness.

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