FxWirePro: AUD/USD finds major trendline support at 0.7475, good to go short on break below

• AUD/USD has taken support at major trendline at 0.7475, we see weakness only on break below.
   
• The pair has edged higher from session lows at 0.7475 and is currently trading at 0.7504, up 0.19% on the day.
   
• Aussie gaining some support after Fitch affirmed Australia at 'AAA' with Outlook Stable.
   
• Technical studies are highly bearish. -ve DMI dominance adds to bearish bias.
   
• Focus now on Australia Trade Balance data due Thursday. But before that will be the US FOMC Monetary Policy Meeting later today at 18:00 GMT.
   
• Bias more to the downside. Break below trendline support at 0.7475 will see test of 0.7327 (61.8% Fib).
   
• Bearish invalidation likely on retrace into slopping channel base at 0.7560.

Support levels - 0.7475 (Trendline), 0.74, 0.7327 (61.8% Fib)

Resistance levels - 0.7531 (5-DMA), 0.7560 (channel base), 0.76

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-breaks-channel-base-support-at-07572-hits-4-month-lows-at-07538-bias-lower-1278593) has hit TP1.

Recommendation: Watch out for break below 0.7475 for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 20.2528 (Neutral), while Hourly USD Spot Index was at 71.3851 (Neutral) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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