FxWirePro: AUD/USD holds 200-DMA support at 0.7781, break below to see further weakness

• AUD/USD is consolidating previous session's slump, trades 0.2% higher on the day at around 0.7803 levels.
   
• Downside has held major support at 200-DMA at 0.7781, we see weakness to extend on break below.
   
• Technical indicators are biased lower, RSI and Stochs point south and MACD is below zero levels and supports downtrend.
   
• Break below 200-DMA finds next major support at 61.8% Fib retrace at 0.7743 ahead of 78.6% Fib at 0.7637.
   
• On the flipside, 5-DMA at 0.7825 is immediate resistance. Break above could see test of 20-DMA at 0.7868.

Support levels - 0.7781 (200-DMA), 0.7743 (61.8% Fib retrace of 0.7501 to 0.8135 rally), 0.7637 (78.6% Fib)

Resistance levels - 0.7825 (5-DMA), 0.7868 (20-DMA), 0.7893 (38.2% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-recovery-capped-below-079-handle-good-to-go-short-on-rallies-1160904) has hit TP1/2.

Recommendation: Book partial profits at lows. Watch out for break below 200-DMA for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -3.26287 (Neutral), while Hourly USD Spot Index was at 63.3421 (Neutral) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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