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- Aussie bears taking control after disapointing data from Australia earlier today.
- Australia's Feb retail sales came at 0.0% m/m vs 0.4% expected and 0.3% last, a big miss. AUD/USD saw a 30 pip slump post data from 0.7668 levels to around 0.7638.
- Technicals on 2-hourly charts indicated downside for the pair. Stochs and RSI are biased lower.
- Strong support seen at 0.76 levels, breaks below could see test of 0.7555 (trendline support). Resistance on the upside is seen at 0.7652 (5-DMA) and then session highs at 0.07678
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-strong-trendline-support-good-to-go-short-187805) has hit all targets.
Recommendation: Sell rallies around 0.7640/50, SL: 0.77, TP: 0.76/0.7555
