FxWirePro: AUD/USD continues declines after major trendline rejection, stay short

• AUD/USD hovers around 5-DMA at 0.7555, intraday bias remains bearish.
   
• The pair is set to continue decline after rejection at major trendline at 0.76 on Jan 24.
   
• Rollover of Stochs from overbought zone with confirmation on MACD could accentuate weakness.
   
• USD selling stalls, dollar bears take a breather from Trump’s policies and dismal US GDP data induced massive sell-off.
   
• Focus on major data lined up for this week which includes - US core PCE price index data, followed by the FOMC decision, China manufacturing PMI and US payrolls.
   
• Support levels - 0.7545 (session lows), 0.7540 (61.8% Fib), 0.7499 (100-DMA), 0.7467 (50% Fib)
   
• Resistance levels - 0.7555 (5-DMA), 0.76 (Jan 24 high), 0.7644 (78.6% Fib)
   

Recommendation: Good to go short on rallies around 0.7560, SL: 0.7620, TP: 0.75/ 0.7465/ 0.7450/ 0.74
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FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -33.6164(Neutral), while Hourly USD Spot Index was at 23.5674 (Neutral) at 0645 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.