FxWirePro: AUD/USD edges higher from fresh 4-month lows at 0.7576, retakes 0.76 handle

• AUD/USD rejected at session lows, edges higher from session lows at 0.7576.
   
• The major is trading in a 'Slopping Channel' pattern and finds strong support at channel base at 0.7575.
   
• Price action remains below daily cloud and major moving averages, breach at channel base will accentuate weakness.
   
• Technical indicators are bearish. Stochs are biased lower. RSI is below 50 and biased lower.
   
• We see -ve DMI crossover on +ve DMI which adds to the bearish bias. MACD shows a bearish crossover on signal line.
   
• Further, data released earlier today showed Australia's Q1 CPI disappoints, keeping rate hikes off table.

Support levels - 0.7575 (channel base), 0.7532 (Nov 21 low), 0.75

Resistance levels - 0.7637 (78.6% Fib), 0.7678 (5-DMA), 0.77, 0.7712 (21-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-rejected-at-major-resistance-at-07815-breaks-below-20-DMA-good-to-short-rallies-1265599) has hit all targets.

Recommendation: Watch out for break below channel base for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -97.3965 (Bearish), while Hourly USD Spot Index was at 70.0187 (Neutral) at 0425 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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