- Bearish bias builds in AUD/USD after rejection at major trendline resistance at 0.76 on Jan 24.
- The pair has slipped below 5-DMA and short-term bias has turned bearish.
- The pair finds major support by 100-DMA at 0.7498, break below to accentuate bearish bias.
- Rollover of Stochs from overbought zone with confirmation on MACD could be good entry for shorts.
- Support levels - 0.7511 (session lows), 0.7498 (100-DMA), 0.7467 (50% Fib)
- Resistance levels - 0.7561 (5-DMA), 0.76 (Jan 24 high), 0.7644 (78.6% Fib)
Recommendation: Good to go short on break below 0.7498 (100-DMA), SL: 0.7565, TP: 0.7465/ 0.7450/ 0.74
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -34.815 (Neutral), while Hourly USD Spot Index was at -4.09367 (Neutral) at 1230 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
