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FxWirePro: AUD/USD breaks trendline support at 0.6885, momentum studies bearish

AUD/USD chart - Trading View 

AUD/USD consolidates previous session's loss, bias still bearish.

The pair edges lower from session highs at 0.6884, trades at 0.6876 at 05:25 GMT.

Price action has broken minor trendline support at 0.6885, scope for further downside.

Major trend in the pair remains bearish. Bearish 5-DMA crossover on 20-DMA adds to downside bias.

MACD is showing a bearish crossover on signal line supporting further downside.

Immediate support lies at 0.6848 (Lower BB on weekly charts). Next bear target lies at 0.68 (falling trendline). 

5-DMA is immediate resistance at 0.6910. Break above eyes 20-DMA at 0.6931.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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