FxWirePro: AUD/USD fails to hold above 0.80 level, intraday bias neutral

• AUD/USD fails to hold break above weekly 200-SMA, slips lower to close at 0.7986 in the previous week.
• Technicals on daily charts are turning. Bearish Stochastics divergence seen on daily charts.
• The following could confirm further downside: - Close below 5-DMA - Rollover of RSI and Stochs from overbought levels.
• Next immediate support seen at 0.7902 (23.6% Fib retrace of 0.73728 to 0.80656 rally).
• On the flipside, weekly 200-SMA at 0.8000 is immediate resistance, bullish extension only on close above.

Support levels - 0.7902 (23.6% Fib retrace of 0.73728 to 0.80656 rally), 0.7810 (20-DMA), 0.7801 (38.2% Fib)

Resistance levels - 0.8000 (weekly 200-SMA), 0.81, 0.8163 (May 2015 highs). 0.82

Recommendation: Bias neutral for now. We would prefer to wait for clear directional bias.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 51.4827 (Neutral), while Hourly USD Spot Index was at -53.1785 (Neutral) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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