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FxWirePro- Woodies pivot (Major) 
Major European Indices Trend Scores: DAX & CAC40 Hit Perfect 100, FTSE100 at 85 — All Bullish with Key Levels to Watch 
- AUD/USD has hit new 12-month lows at 0.7393 before paring some losses to currently trade around 0.74 levels.
- The pair was unable extend upside after upbeat RBA minutes. Scope for further weakness.
- Break below major trendline support at 0.7425 has opened up downside for the major.
- The Fed raised rates by 25 basis points earlier this week and signaled faster rate hike path. Meanwhile, the RBA is not seen raising rates any time soon.
- US-Australia bond yield differential will likely continue rising in the USD-positive manner, weighing in the pair.
- Technical indicators are heavily bearish. Momentum bearish, RSI below 50, bias lower, MACD shows bearish crossover, -ve DMI dominance adds to bearish bias.
- Price has dipped below 88.6% Fib, next bear target lies 0.7378 (113% Fib) ahead of 0.7328 (May 9 2017 low).
- On the flipside, retrace above 0.7425 (trendline support turned resistance) could negate bearish bias.
Support levels - 0.7378 (113% Fib), 0.7328 May 9 2017 low), 0.73
Resistance levels - 0.7425 (trendline support turned resistance), 0.7465 (5-DMA), 0.75
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-edges-higher-from-4-week-lows-at-07452-bias-lower-good-to-go-short-on-upticks-1371449) has hit .
Recommendation: Good to go short on upticks around 0.7410/20, SL: 0.7465, TP: 0.7380/ 0.7330/ 0.73
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -106.042 (Bearish), while Hourly USD Spot Index was at 85.5819 (Bullish) at 0415 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
