FxWirePro: AUD/USD slips below 0.74 handle, hits fresh 5-month low of 0.7387, good to sell rallies

• AUD/USD slips below 0.74 handle, hits fresh 5-month low of 0.7387 on broad-based USD strength.
   
• The pair is currently holding 62.8% Fib support, break below to test 0.7820.
   
• Techincal studies are bearish, we see break below 61.8% Fib at 0.7386 to see test of 0.7280 levels (78.6% Fib).
   
• Major support levels - 0.7386 (61.8% Fib), 0.73 (June 24 lows), 0.7280 (78.6% Fib)
   
• Major resistance levels - 0.74, 0.7461 (50% Fib), 0.7513 (200-DMA)
   
• Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-below-200-DMA-bias-lower-stay-short-407115) has hit all targets.
   

Recommendation: Book partial profits, lower trailing stops to 0.7460, target 0.7325/0.73/0.7280
 

Fresh shorts can be entered on break below 61.8% Fib at 0.7386, SL: 0.7580, TP: 0.7325/ 0.73/ 0.7280
 

FxWirePro's Hourly AUD Spot Index was at -49.7629 (Neutral), while Hourly USD Spot Index was at 153.026 (Highly bullish) at 0200 GMT. 
 

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