AUD/USD is extending downside for the 4th consecutive session, bias lower.
The pair has broken below daily cloud top at 0.7625 and has breached 50-DMA support at 0.7620.
Downside is holding immediate support at 0.7610 (23.6% Fib retrace of 0.7160 to 0.7749 rally).
Technical studies are bearish, RSI and Stochs are biased lower and MACD is on the verge of a bearish crossover.
We see scope for test of trendline support at 0.7560, further weakness on break below.
Support levels - 0.7610 (23.6% Fib retrace of 0.7160 to 0.7749 rally), 0.7560 (trendline), 0.7545 (200-DMA)
Resistance levels - 0.7625 (cloud top), 0.7662 (5-DMA), 0.77, 0.7732 (Feb 16 high)
Stay short.
The pair has broken below daily cloud top at 0.7625 and has breached 50-DMA support at 0.7620.
Downside is holding immediate support at 0.7610 (23.6% Fib retrace of 0.7160 to 0.7749 rally).
Technical studies are bearish, RSI and Stochs are biased lower and MACD is on the verge of a bearish crossover.
We see scope for test of trendline support at 0.7560, further weakness on break below.
Support levels - 0.7610 (23.6% Fib retrace of 0.7160 to 0.7749 rally), 0.7560 (trendline), 0.7545 (200-DMA)
Resistance levels - 0.7625 (cloud top), 0.7662 (5-DMA), 0.77, 0.7732 (Feb 16 high)
Stay short.
