FxWirePro: AUD/USD struggles to hold gains above 200-DMA, break below 0.7645 to see further weakness

• AUD/USD has failed to extend gains after break above 200-DMA on Thursday's trade.
   
• Aussie came under selling pressure on Friday and eroded majority of its previous session's strong gains after retail sales miss.
   
• Australia retail sales remained flat in September, better-than the 0.5% fall seen last time but was worse than 0.4% growth expected.
   
• AUD/USD retraced back below the 200-DMA at 0.7693 and is currently trading at 0.7677, down 0.46% on the day.
   
• The pair finds major trendline support at 0.7645, break below will see further weakness.
   
• We see completion of a 'Bullish Shark' pattern on daily charts which keeps scope for upside in the pair.

Call update: We had advised a long in our previous call (http://www.econotimes.com/FxWirePro-Bullish-Shark-pattern-on-AUD-USD-raises-scope-for-upside-good-to-go-long-on-dips-985176).

Recommendation: Bias higher. Stay long.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -9.32771 (Neutral), while Hourly USD Spot Index was at 95.0672 (Bullish) at 0820 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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