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Short

AUD/USD slips below 0.78 handle, good to go short, target 0.7690

FX:AUDUSD   Australian Dollar/U.S. Dollar
267 0 10
AUD/USD             is extending downside from 10-month highs hit on Tuesday's trade as sentiment soured across markets as oil             turned back in the negative territory.

RBA Governor Glenn Stevens’ speech yesterday was globally focused and had no impact on the AUD.

The major is likely to track risk sentiment and commodity prices as oil             has clearly shaken off the Doha drop. A further rally in equities will be supportive of the AUD.

On the Technical side, the pair has edged below the 0.78 handle (minor trendline support and psychological level) and is currently trading with a negative bias.

4H 10-SMA support at 0.7781 is holding on the downside, breaks below will accentuate downside.

Pair finds next support at 0.7750 (5-DMA), 0.7745 (Apr 18th lows), and then 0.7686 (4H 55EMA).

On the upside, pair finds stiff resistance at 0.7830 (rising trendline), bearish invalidation only on breaks above.

Good to short rallies around 0.7780/85, SL: 0.7830, TP: 0.7750/0.77/0.7690
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