FxWirePro: AUD/USD slips below 0.76 handle, finds strong support at 0.7575, break below to accentuate weakness

• AUD/USD is extending break below major trendline support at 0.7635, slips below 0.76 handle.
   
• The pair has hit fresh multi-month lows at 0.7576, bias remains bearish.
   
• Disappointing wage price, consumer sentiment index and poor performances from the commodity sector weigh on the Aussie.
   
• The wage price index for Q3 came-in at 0.5% q/q vs. 0.7% expected. The annualized figure came-in at 2.0% vs. 2.2% expected.
   
• Australia Westpac Consumer Confidence for November slipped to -1.7% from 3.6% in the previous month.
   
• Technical studies are bearish, scope for test of 0.75 (78.6% Fib).
   
• The pair is currently holding above major trendline support at 0.7575. The drop could be extended further on break below.

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-major-trendline-support-at-07635-hits-fresh-multi-month-lows-at-07609-1005863) has almost hit TP2.

Recommendation: Book partial profits at lows. Watch out for break below 0.7575 for further weakness.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest