FxWirePro: AUD/USD Trade Idea

AUD/USD chart on Trading View used for analysis

FxWirePro Currency Strength Index for AUD/USD: Bias Bearish
FxWirePro's Hourly AUD Spot Index was at -122.506 (Bearish)
FxWirePro's Hourly USD Spot Index was at 105.422 (Bullish)

Technical Analysis: Bias Bearish
- Fails at 110-EMA, breaks into daily cloud
- Price action has broken below 100-DMA 
- Momentum studies are bearish, Stochs and RSI are sharply lower
- MACD is on verge of bearish crossover on signal line

Support levels - 0.7220 (21-EMA), 0.7210 (55-EMA), 0.7164 (Nov 13 low)
Resistance levels - 0.7251 (5-DMA), 0.7277 (110-EMA). 0.73

Recommendation: Good to go short on upticks, SL: 0.7255, TP: 0.7210/ 0.7165

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