FxWirePro: AUD/USD extends slide along 20-DMA, good to sell rallies

• AUD/USD fails to extend gains above stiff resistance by 20-DMA at 0.7452.
   
• Price action slides along with falling 20-DMA. Scope for further downside.
   
• Aussie heavily offered after huge miss on Australia's Q3 GDP, which showed first contraction in 5 years.
   
• The pair hit lows of 0.7416, has seen slight recovery on broad weakness in the greenback. 
   
• Focus now shifts towards the US economic data due later in the NA session.
   
• Support levels - 0.74, 0.7386 (61.8% Fib), 0.7369 (Dec 1 low), 0.7325 (trendline support)
   
• Resistance levels - 0.7446 (5-DMA), 0.7452 (20-DMA), 0.75, 0.7529 (200-DMA), 0.7536 (38.2% Fib)
   

Recommendation: Good to sell rallies around 0.7440, SL: 0.75, TP: 0.74/ 0.7385/ 0.7370
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FxWirePro's Hourly AUD Spot Index was at -118.303 (Highly bearish), while Hourly USD Spot Index was at -2.95922 (Neutral) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex