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FxWirePro: AUD/USD finds strong support at 0.7592 (20-DMA), break below confirms weakness

AUD/USD rejected at major trendline resistance, slips lower to test cloud support. Stochs are on the verge of a rollover from overbought territory, RSI biased lower. The pair finds strong support at 0.7592 (20-DMA), brea…

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FxWirePro: AUD/USD finds strong support at 0.7592 (20-DMA), break below confirms weakness
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  • AUD/USD rejected at major trendline resistance, slips lower to test cloud support. 
     
  • Stochs are on the verge of a rollover from overbought territory, RSI biased lower.
     
  • The pair finds strong support at 0.7592 (20-DMA), break below to confirm weakness.
     
  • Violation at 20-DMA could drag the pair lower to test major trendline support at 0.7485 levels.
     
  • Major support levels - 0.7628 (cloud top), 0.7592 (20-DMA), 0.7522 (Cloud base), 0.7485 (trendline)
     
  • Major resistance levels - 0.7705 (trendline), 0.7723 (88.6% Fib), 0.7732 (Sept 8 high)
    ​

Recommendation: Good to go short on decisive break below 0.7590, SL: 0.7625, TP: 0.7522/ 0.7485
 

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