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AUD/USD Short Term Outlook

FX:AUDUSD   Australian Dollar/U.S. Dollar
251 1 1
AUD/USD             has retreated after making high of 0.7845.It has formed temporary top around 0.7876 and any further bullishness can be seen only above that level.

The major support is between 0.7775 (200 day HMA ). Any break below will invalidate the bullish trend and further fall till 0.7720/0.7689 cannot be ruled out.

The pair’s minor resistance around 0.78450 and above will target 0.7875/0.7920.

Indicators (1hour chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell AUD/USD             around 0.7800, SL 0.7850, Targets 0.7720/0.7690.
A possible rally back to 0.78300 is on the cards followed by a selloff.
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