- AUD/USD retraced from fresh 4-month lows at 0.7531 on Friday's trade to close at 0.7580.
- The pair is trading in a narrow range on the day, making a day's high of 0.7563 and a low of 0.7558.
- Technical studies are highly bearish. Price action below cloud and major moving averages.
- The major is currently struggling at channel base support, breach there could see major weakness.
- We see scope for test of 0.7501 (Dec 8 lows) ahead of 0.7450 levels (channel base on weekly charts).
- Break above 5-DMA at 0.7572 could see minor bullishness. Bearish invalidation only above 20-DMA at 0.7683.
Support levels - 0.7501 (Dec 8 lows), 0.7450 (channel base), 0.74
Resistance levels - 0.7573 (5-DMA), 0.76, 0.7637 (78.6% Fib)
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