FxWirePro: AUD/USD hovers around trendline support at 0.6885, bias bearish

AUD/USD chart - Trading View 

• AUD/USD consolidates at fresh 4-month lows at 0.6885, bias bearish. 
   
• Weaker Australian fundamentals which bolster RBA rate cut calls continue to weigh. 
   
• Further, looming US-China trade war risks also adds to the downside in the Aussie.
   
• Technical studies are biased lower for the pair. Momentum with the bears. 
   
• The major finds immediate support at 0.6885 (falling trendline). Break below eyes 0.6862 (78.6% Fib) ahead of 0.6807 (88.6% Fib).
   
• 5-DMA (trending sharply lower) is immediate resistance at 0.6919. Break above to see minor upside.

Support levels - 0.6885 (trendline), 0.6862 (78.6% Fib), 0.68 (88.6% Fib)

Resistance levels - 0.6918 (5-DMA), 0.6995 (21-EMA), 0.7055 (55-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-extends-weakness-in-response-to-dismal-China-data-dump-eyes-06890-1536816) has hit TP1. 

Recommendation: Hold for further downside.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.