- AUD/USD is trading largely unchanged at the time of writing, hit a day's high at 0.7693 and a low of 0.7657.
- The common currency is on the back foot ahead of the March non-farm payrolls release.
- Further, the Aussie remains exposed to downside risks amid global trade concerns.
- Technical indicators are biased lower, but bullish divergence on RSI and Stochs keeps scope for upside.
- 20-DMA is stiff resistance and we see upside only on decisive break above.
- On the flipside, the pair eyes 78.6% Fib at 0.7637 and violation there could see test of major trendline support at 0.7590.
Support levels - 0.7637 (78.6% Fib), 0.7590 (trendline support), 0.7532 (Nov 21 low)
Resistance levels - 0.7683 (5-DMA), 0.77, 0.7726 (20-DMA)
Recommendation: Good to short on rallies around 0.7680/90, SL: 0.7750, TP: 0.7640/ 0.76/ 0.7590.
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