FxWirePro: AUD/USD finds strong support at 0.7611 (20-day MA), good to go short on break below

• Dallas Fed president was on the wire saying that there is room for the Fed to maneuver on rates, backing Dudley overnight.
   
• Data released overnight showed US jobless claims for the week to 13 Aug fell to 262k, slightly better than the 265k expected. Also, Philadelphia Fed business activity bounced from -2.9 to 2.0, as expected.
   
• Selling pressure in AUD/USD intensifies on a broadly stronger US dollar and weak commodity prices.
   
• The pair now eyes strong support by 20-DMA at 0.7611, break below likely to target 0.7525 (trendline).
   
• Intraday bias lower, the pair is currently trading at 0.7631, down 0.7 pct on the day.
   
• Focus next week remains on macro updates from both continents, including Australia capex and US GDP data.
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Recommendation: We would recommend going short on the pair only on a decisive break below 20-DMA, target 0.7525 levels.