Aussie extends sell-off in the wake of the latest RBA rate cut talks.
AUD/USD breaks below daily cloud, intraday bias bearish.
Technical studies support downside, RSI and Stochs are sharply lower. MACD supports downtrend.
ADX is above 25 and rising and we see bearish DMI dominance, which supports upside.
Next bear target lies at 200-DMA at 0.7664, and we see bearish invalidation only above 20-DMA at 0.7917.
Support levels - 0.7743 (session low), 0.7664 (200-DMA), 0.7587 (Mar 28 low)
Resistance levels - 0.78 (cloud base), 0.7818 (5-DMA), 0.79, 0.7919 (20-DMA)
Good to go short on rallies around 0.7780/90, SL: 0.7840, TP: 0.7745/ 0.77/ 0.7665.
AUD/USD breaks below daily cloud, intraday bias bearish.
Technical studies support downside, RSI and Stochs are sharply lower. MACD supports downtrend.
ADX is above 25 and rising and we see bearish DMI dominance, which supports upside.
Next bear target lies at 200-DMA at 0.7664, and we see bearish invalidation only above 20-DMA at 0.7917.
Support levels - 0.7743 (session low), 0.7664 (200-DMA), 0.7587 (Mar 28 low)
Resistance levels - 0.78 (cloud base), 0.7818 (5-DMA), 0.79, 0.7919 (20-DMA)
Good to go short on rallies around 0.7780/90, SL: 0.7840, TP: 0.7745/ 0.77/ 0.7665.