FxWirePro: AUD/USD hits fresh 3-week lows post RBA's status quo, bias lower

• The Reserve Bank of Australia maintained status quo and left its key benchmark interest rate unchanged at 1.50% as widely expected.
   
• The accompanying statement, however, raise concerned over medium-term economic risks from China's economic growth.
   
• AUD/USD extending downside for a 4th consecutive session, hits fresh 3-week lows at 0.7577.
   
• The pair has broken strong trendline support at 0.76, technical indicators support downside, RSI and Stochs are biased lower. 
   
• Price action has broken below 50-DMA and is on track to test 200-DMA at 0.7551.
   
• Violation at 200-DMA could see further downside, test of 0.7524 (38.2% Fib) and then 0.7491 (March 9 lows) then likely.

Support levels - 0.7551 (200-DMA), 0.7524 (38.2% Fib retrace of 0.7160 to 0.7749 rally), 0.7514 (100-DMA)

Resistance levels - 0.7610 (23.6% Fib), 0.7631 (50-DMA), 0.7679 (Mar 30 high), 0.7710 (Sept 29, 2016 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-hovers-around-076-handle-bias-lower-stay-short-621952) is progressing well.

Recommendation: Hold for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -68.1476(Bearish), while Hourly JPY Spot Index was at 42.837 (Neutral) at 0340 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.