FxWirePro: AUD/USD recovery capped at 5-DMA, intraday bias bearish

AUD/USD chart on Trading View used for analysis

• AUD/USD recovery attempts were capped below 5-DMA at 0.7148 on Thursday's trade.
   
• The major has formed a Doji candle on Thursday and is currently trading at 0.7110, up 0.05% at the time of writing.
   
• Technical indicators support downside and we do not see any major signs of reversal.
   
• Price action hovers around 78.6% Fib and further weakness to see dip till 0.7021 (Oct 26 low).
   
• Momentum indicators are at oversold levels and we could see some consolidation before the next leg lower.
   
• Long-term trend remains bearish and recovery was capped at 200-DMA after which the pair has resumed weakness.
   
• Any bearish invalidation only above 200-DMA. Downside scope till 0.6827 (Jan 2016 low).

Support levels - 0.71, 0.7063 (88.6% Fib)        
    
Resistance levels - 0.7136 (5-DMA), 0.7163 (61.8% Fib)

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