FxWirePro: AUD/USD finds major resistance at 0.7458, good to sell rallies

• AUD/USD has been rejected at highs around 0.7508 on Thursday's trade.
   
• Aussie ignores better-than-expected Chinese CPI report, broadly stronger greenback weighs. 
   
• The pair is just holding above 20-DMA support at 0.7443, break below will accentuate weakness.
   
• On the hourly charts we see strong resistance at 0.7458 which is converged 100-SMA and trendline.
   
• RSI on hourlies flatlined below 50 levels, though Stochs still show some upside in the pair.
   
• Support levels - 0.7454 (1H 5-SMA), 0.7443 (20-DMA), 0.7421 (23.6% Fib)
   
• Resistance levels - 0.7458 (1H 100-SMA and trendline). 0.7467 (5-DMA), 0.7489 (38.2% Fib), 0.75
   

Recommendation: Good to go short at current levels (0.7458), SL: 0.75, TP: 0.7440/ 0.7420/ 0.74
 

Bearish invalidation on decisive breakout above 0.7458, bulls can then test 0.7489 levels.
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FxWirePro's Hourly EUR Spot Index was at 57.8352 (Neutral), while Hourly AUD Spot Index was at 46.1537 (Neutral) at 1300 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.