FxWirePro: AUD/USD finds strong support at 0.7628 (20-DMA), good to short break below

• AUD/USD extends overnight sharp reversal from yearly highs at 0.7749.
   
• The pair has broken below 5-DMA and is extending downside below 0.77 handle.
   
• Strong support on the downside is seen at 0.7628 which is 20-day MA. 
   
• Break below will accentuate weakness, drag till 200-DMA and major trendline support at 0.7542 likely.
   
• We see a bearish RSI divergence on he daily charts and Stochs are on verge of a rollover from overbought zone.

Support levels - 0.7628 (20-DMA), 0.7614 (50-DMA), 0.7542 (200-DMA)

Resistance levels - 0.7688 (5-DMA), 0.77, 0.7732 (Feb 16 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish               Neutral       
4H          Bearish               Neutral       
1D          Bearish               Neutral        
1W         Bearish               Neutral      

Recommendation: Good to go short on break below 20-DMA at 0.7628, SL: 0.7685, TP: 0.76/ 0.7540

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -182.962(Highly Bearish), while Hourly USD Spot Index was at 8.99676 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.