50-DMA caps upside in AUD/USD, scope for test of 0.7498 100-DMA

FX:AUDUSD   Australian Dollar / U.S. Dollar
199 0 10
AUD/USD             recovery attempts fail at 50-DMA             (0.7559).

Pair slips below 0.7550, bias lower.

Major support by channel base at 0.7525, break below will see drag upto 100-DMA             at 0.7498.

Techs support downside, we recommend selling rallies.

Bearish invalidation only above 0.76 (4H 20MA), pair can then test 20-DMA             at 0.7635.

HIA new home sales data from Australia was weak. New home sales in Australia plunged to a decade-low during the month of July.

Hawkish comments from Fed’s Yellen on Friday to keep USD supported.

Focus now on US personal spending and income report due later today.
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