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FxWirePro: AUD/USD finds support by 110-EMA at 0.7494, break below targets 0.7420

  • 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
 

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