FxWirePro: AUD/USD finds major support at 0.75, good to short break below

12 September 2016, 08:37
Eko Rediantoro
0
10

  • AUD/USD is extending downside after rejection at major trendline resistance at 0.7732 in Thursdays trade last week.
     
  • As mentioned in our previous call (), the pair has hit 20-DMA.  
     
  • The major has broken supports at 20-DMA (0.7602) and then 50-DMA (0.7582) on Fridays trade.
     
  • Downside now finds major support at trendline - 0.7520 and then weekly cloud top - 0.7495.
     
  • Techs support downside, we see weakness on break below 0.75, test of 0.7445 then likely. 
     
  • Bearish invalidation on break above 20-DMA at 0.76, test of 0.7725 then likely.

Recommendation: Good to go short on a decisive break below 0.75, SL: 0.7580, TP: 0.7445/ 0.7420/ 0.74
 


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