- Aussie dented on the back of a miss in the Australian employment change data.
- AUD/USD rejected at session highs of 0.75, extends down, intraday bias lower.
- The pair has broken major trendline and 200-DMA support at 0.7525 and 0.7510 respectively on Wednesday's trade.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-off-highs-muted-reaction-on-release-of-RBA-minutes-good-to-sell-rallies-401441) has achieved all targets.
- Technicals support further downside in the pair, we see scope for test of 0.7420 (July 27 low).
- Major support levels - 0.7442 (Sept 13 low), 0.7420 (July 24 low), 0.74
- Major resistance levels - 0.7512 (200-DMA), 0.7521 (5-DMA), 0.7530 (trendline)
Recommendation: Book partial profits, lower trailing stops to 0.7525, TP: 0.7440/20
FxWirePro's Hourly AUD Spot Index was at -121.153 (Highly Bearish), while Hourly USD Spot Index was at 128.684 (Highly bullish) at 0420 GMT. FxWirePro's Hourly currency strength index reinforces downside for the pair.
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
