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- AUD/USD extends decline for 4th straight session after rejection at channel top.
- Technical indicators are bearish, RSI and Stochs are biased lower, MACD is on verge of bearish crossover on signal line.
- The Aussie under intense selling pressure after RBA retained its neutral monetary policy stance and reiterated risks associated with rising exchange rate.
- The major is currently holding support at 20-DMA at 0.7593, break below will accentuate weakness.
- Next strong support below 20-DMA lies at 200-DMA at 0.7532, violation there will see test of 50-DMA at 0.75.
- On the flipside, upside resumption likely only on break above channel top at 0.7715.
Support levels - 0.7593 (20-DMA), 0.7532 (200-DMA), 0.75 (50-DMA)
Resistance levels - 0.7629 (5-DMA), 0.7635 (June 14 high), 0.77, 0.7715 (channel top)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-subdued-on-dismal-Australias-housing-data-break-below-5-DMA-could-see-further-drag-785486) has hit all targets.
Recommendation: Good to go short on rallies around 0.76/ 0.7610, SL: 0.7645, TP: 0.7570/ 0.7535/ 0.75
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -74.7571 (Slightly bearish), while Hourly USD Spot Index was at 110.945 (Bullish) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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