- AUD/USD price action capped below 100-DMA at 0.7478, intraday bias lower.
- Technical indicators on weekly charts are heavily bearish, scope for more downside.
- On the daily charts downside has held major trendline support at 0.7448. Weakness only on break below.
- Momentum studies are bearish, scope for test of 200-DMA at 0.7396.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-holds-trendline-support-break-below-targets-200-DMA-at-07394-283916) holds.
- Major support levels - 0.7448 (trendline), 0.7396 (200-DMA), 0.7371 (June 30 low)
- Major resistance levels - 0.7478 (100-DMA), 0.7496 (5-DMA), 0.75, 0.7563 (10-DMA)
Recommend holding for targets.
