FxWirePro: AUD/USD hits fresh multi-month lows, bias lower, stay short

• AUD/USD under intense selling pressure for the third consecutive session, bias lower.
   
• Commodity price slump along with post-FOMC up-surge in the UST yields weighing on commodity-linked/higher-yielding currencies like the Aussie. 
   
• RBA's warning about housing market risks and its potential negative impact on consumption and inflation further collaborated to the downside. 
   
• The pair has broken below 61.8% Fib of 0.7160 to 0.7749 rise at 0.7385. Next bear target 0.7311 (Nov 21, 2016 low).

Support levels - 0.7311 (Nov 21, 2016 low), 0.7296 (78.6% Fib), 0.7285 (trendline), 0.72

Resistance levels - 0.7385 (61.8% Fib of 0.7160 to 0.7749 rise at 0.7385), 0.74, 0.7453 (5-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-consolidates-Wednesdays-slump-finds-respite-from-Governor-Lowess-hawkish-comments-680056) has hit TP1&2.

Recommendation: Book partial profits at lows. Lower trailing stop to 0.7430. Stay short for further downside.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -130.396(Bearish), while Hourly USD Spot Index was at 23.0676 (Neutral) at 0610 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.