FxWirePro: AUD/USD extends losses after mixed NAB data, break below 0.6950 to accentuate weakness

AUD/USD chart - Trading View 

AUD/USD extends weakness on the day, trades 0.20% lower at 0.6957 at 02:50 GMT.

Aussie bulls unimpressed by mixed NAB data. While, fresh USD buying also weighs down on the pair.

Australia's business confidence index fell to 2 in June as expected from May's print of 7. 

The conditions index ticked higher to 3 from May's figure of 1, but failed to put a bid under the AUD. 

The major has been on a downtrend for the 4th straight session. Bias is strongly bearish.

Strong support seen at 0.6950 (converged 50 and 20 day MAs). Break below will accentuate weakness.

Major trend is bearish. Below 0.6950, little support seen till lower Bollinger band and trendline support at 0.6846. 

Immediate resistance is 5-DMA at 0.6991. While 110-EMA offers major resistance at 0.7027.

Support levels - 0.6950 (converged 50 and 20 day MAs), 0.6865 (May 17th, 23rd low), 0.6846 (lower Bollinger band and trendline)

Resistance levels - 0.6980 (55-EMA), 0.6991 (5-DMA), 0.7027 (110-EMA)

Recommendation: Good to go short on break below 0.6950, SL: 0.70, TP: 0.69/ 0.6865/ 0.6845

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