- AUD/USD has closed below 200-DMA on Thursday's trade, bias remains lower.
- Aussie on the back-foot on a renewed risk-off in the markets after the US launched military strike on Syria.
- Risk assets such as equities, treasury yields, AUD etc. dumped, flight to safe-haven seen.
- Increased cautiousness in the wake of the Trump-Xi Summit to keep pressure on the Aussie.
- Technical studies on daily charts are bearish, RSI and Stochs biased lower. Weekly charts also support downside.
- Stochs on weekly charts are showing a rollover from overbought levels which supports further drag.
- The pair is currently holding 100-DMA support at 0.7515, break below will see further downside.
Support levels - 0.7514 (100-DMA), 0.7491 (March 9 low), 0.7454 (50% Fib)
Resistance levels - 0.7553 (200-DMA), 0.7610 (23.6% Fib), 0.7630 (50-DMA), 0.7679 (Mar 30 high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-hovers-around-076-handle-bias-lower-stay-short-621952) has hit TP1&2.
Recommendation: Book partial profits, lower trailing stops to 0.7565, hold for 0.75/ 0.7450.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -114.306 (Bearish), while Hourly USD Spot Index was at 59.1202 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
