- AUD/USD is holding major trendline support at 0.7340.
- Technical indicators are supporting further downside. RSI shows strong downside momentum.
- MACD line is showing a bearish crossover on signal line.
- Break below 0.7340 will see further drag, we see scope for test of 0.7280 (78.6% Fib).
- Support levels - 0.7340 (trendline), 0.7311 (Nov 21 low), 0.73, 0.7280 (78.6% Fib 0.7145 to 0.7778 rally)
- Resistance levels - 0.7369 (session high), 0.7420 (5-DMA), 0.7432 (20-DMA)
Recommendation: Good to short break below 0.7340, SL: 0.7390, TP: 0.7310/ 0.7280
FxWirePro's Hourly AUD Spot Index was at -86.1882 (Bearish), while Hourly USD Spot Index was at 99.7633 (Bullish) at 0850 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
