AUD/USD extends overnight sharp reversal from yearly highs at 0.7749.
The pair has broken below 5-DMA and is extending downside below 0.77 handle.
Strong support on the downside is seen at 0.7628 which is 20-day MA.
Break below will accentuate weakness, drag till 200-DMA and major trendline support at 0.7542 likely.
We see a bearish RSI divergence on the daily charts and Stochs are on verge of a rollover from overbought zone.
Support levels - 0.7628 (20-DMA), 0.7614 (50-DMA), 0.7542 (200-DMA)
Resistance levels - 0.7688 (5-DMA), 0.77, 0.7732 (Feb 16 high)
Good to go short on break below 20-DMA at 0.7628, SL: 0.7685, TP: 0.76/ 0.7540
The pair has broken below 5-DMA and is extending downside below 0.77 handle.
Strong support on the downside is seen at 0.7628 which is 20-day MA.
Break below will accentuate weakness, drag till 200-DMA and major trendline support at 0.7542 likely.
We see a bearish RSI divergence on the daily charts and Stochs are on verge of a rollover from overbought zone.
Support levels - 0.7628 (20-DMA), 0.7614 (50-DMA), 0.7542 (200-DMA)
Resistance levels - 0.7688 (5-DMA), 0.77, 0.7732 (Feb 16 high)
Good to go short on break below 20-DMA at 0.7628, SL: 0.7685, TP: 0.76/ 0.7540
