- AUD/USD downside finds strong support by 110-EMA at 0.7494.
- Momentum studies are bearish, break below 0.7494 targets 0.7420.
- Daily price action has dipped into daily cloud.
- Recovery attempts were weak, pair unable to hold gains at 0.7533.
- Major support levels - 0.7494 (110-EMA), 0.7420 (double bottom July 27 and June 9), 0.74, 0.7380 (200-DMA).
- Major resistance levels - 0.7525 (cloud top), 0.7561 (50-DMA), 0.76 (trendline), 0.7627 (20-DMA).
Recommendation: Good to short break below 0.7494, SL: 0.7530, TP: 0.7420/ 0.74
