FxWirePro: AUD/USD recovery capped by 23.6% Fib at 0.7563, bias lower, stay short

• AUD/USD is extending downside for 4th successive session, trading below 0.76 handle.
   
• Recovery attempts in the pair in early Asia were capped by 23.6% Fib retrace of 0.73285 to 0.76357 rally at 0.7563.
   
• The pair also faces stiff trendline resistance at 0.7625 levels and bullish resumption seen only on break above.
   
• Next immediate support on the downside is seen at 0.7530 (200-DMA) ahead of 0.7518 (nearly converged 20-DMA and 38.2% Fib).
   
• Violation there could take the pair sharply lower, test of 61.8% Fib at 0.7448 then likely.
   

Support levels - 0.7539 (cloud top), 0.7530 (200-DMA), 0.7518 (nearly converged 20-DMA and 38.2% Fib)

Resistance levels - 0.7563 (23.6% Fib), 0.7578 (5-DMA), 0.76, 0.7625 (trendline)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-faces-stiff-resistance-at-07625-good-to-go-short-on-rallies-766697) has almost hit TP1. Bias lower.

Recommendation: Stay short for further downside.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -185.556 (Bearish), while Hourly USD Spot Index was at 11.8287 (Neutral) at 0215 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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