FxWirePro: AUD/USD faces major resistance at 0.7476, good to short rallies

• AUD/USD has been struggling to extend gains above 0.75 handle in the previous week.
   
• The pair now finds stiff resistance by 20-DMA at 0.7476, any upside can be seen only on break above.
   
• We see scope for test of trendline support at 0.7325. Violation there could see test of 0.7285 (July 16 low).
   
• Support levels - 0.7436 (5-DMA), 0.74, 0.7386 (61.8% Fib), 0.7325 (trendline)
   
• Resistance levels - 0.7461 (50% Fib), 0.7476 (20-DMA), 0.75, 0.7536 (38.2% Fib)
   

Recommendation: Good to go short on rallies around 0.7450/60, SL: 0.75/ TP: 0.74/ 0.7386/ 0.7325
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FxWirePro's Hourly AUD Spot Index was at -76.5015 (Bearish), while Hourly USD Spot Index was at -10.5983 (Neutral) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex