- 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
- 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
- Bearish invalidation on break above 20-DMA at 0.76, test of 0.7725 then
Recommendation: Good to go short on a decisive break below 0.75, SL:
0.7580, TP: 0.7445/ 0.7420/ 0.74