- 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
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
