FxWirePro: AUD/USD struggles at 50-DMA, good to go short on break below

• AUD/USD edges higher from session lows at 0.7614 after Aussie buoyed by strong China's industrial profits data. 
   
• Data released earlier today showed China's industrial profits rose a combined 31.5% in January and February from the same period a year earlier.
   
• Downside bias in the pair intact, we see no major signs of reversal.
   
• The pair is currently struggling to close below 50-DMA support currently at 0.7623.
   
• Break below will see further downside, test of trendline support at 0.7580 then likely.

Support levels - 0.7610 (23.6% Fib retrace of 0.7160 to 0.7749 rally), 0.7580 (trendline), 0.7546 (200-DMA)

Resistance levels - 0.7649 (5-DMA), 0.77, 0.7740 (Feb 23 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Bullish                Neutral       
1D          Bearish               Neutral        
1W         Neutral                Neutral      

Recommendation: Good to go short on close below 50-DMA, SL: 0.7650, TP: 0.7570/ 0.7545/ 0.75

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -48.2662(Neutral), while Hourly USD Spot Index was at 31.87 (Neutral) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.