FxWirePro: AUD/USD edges higher from major trendline support at 0.7425, further weakness likely on break below

• AUD/USD has held strong trendline support at 0.7425 and edged higher, bias remains bearish.
   
• The pair is trading 0.14% higher on the day at 0.7450 at the time of writing.
   
• Focus now on Reserve Bank of Australia (RBA) for the latest Monetary Policy Meeting Minutes to judge the RBA's stance on the Australian economy.
   
• The central bank has been firmly planted in wait-and-see mode, and is expected to remain as such for the indeterminate future.
   
• Technical indicators are biased lower. Price action rages below major moving averages.
   
• Break below trendline support at 0.7425 will see further weakness. Next major bear target lies at 0.7328 (May 8 low).
   
• 5-DMA is immediate resistance. break above could see minor upside.

Support levels - 0.7425 (major trendline), 0.74, 0.7371 (June 2 lows)

Resistance levels - 0.7503 (5-DMA), 0.7551 (cloud base), 0.76

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-edges-higher-from-4-week-lows-at-07452-bias-lower-good-to-go-short-on-upticks-1371449) is proceeding well.

Recommendation: Book partial profits at lows. Watch out for break below trendline support at 0.7425 for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -113.143 (Bearish), while Hourly USD Spot Index was at 117.655 (Bullish) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.