FxWirePro: AUD/USD holds 20-DMA support at 0.7661, good to go short on break below

• AUD/USD edges lower from major trendline resistance at 0.7745.
   
• The pair has broken below 5-DMA support at 0.7689 and is currently trading at 0.7691.
   
• Bearish RSI divergence raises scope for downside in the pair. 
   
• Downside finds strong support by 20-DMA at 0.7661. We see reversal in trend only on break below. Test of 100-DMA at 0.7512 then likely.
   
• On the flipside, breakout above trendline resistance at 0.7745 could see test of 0.7778 (Nov 8 high).
   
• Focus now on Trump's speech scheduled Tuesday which is likely to be big on rhetoric and short on substance.

Support levels - 0.7661 (20-DMA), 0.7603 (23.6% Fib retrace of 0.7161 to 0.7740 rally), 0.7550 (Feb 1st low)

Resistance levels - 0.7690 (5-DMA), 0.77, 0.7745 (Trendline), 0.7778 (Nov 8 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Bullish                Neutral       
1D          Neutral                Neutral        
1W         Bullish                Neutral      

Recommendation: Good to go short on break below 20-DMA, SL: 0.77, TP: 0.76/ 0.7550.