Watchout for AUD/USD breaks below 0.72 for further downside

FX:AUDUSD   Australian Dollar/U.S. Dollar
240 0 3
Selloff in oil             and bulk commodities which extended for a third day weighed heavily on currencies of major commodity producers such as Australia

AUD/USD             rejected at day's high by 0.7237, back to opening level at 0.7218 after topping at 0.7237

Bear signs upped as pair dives below 10-DMA & pierces 21 & 100-DMAs while daily RSI and Stochs also maintain bear bias

Strong support seen at 0.72 ( trendline ),breaks below could see retracements upto 0.71 and then to 0.7080 levels

Immediate resistance is seen at 0.7237 (session high Dec             9) and then at 0.7269 (10 DMA)

Recommendation: Good to sell rallies around 0.7225, SL: 0.7280, TP: 0.71

Resistance Levels:

0.7237 (session high Dec             9)

R2: 0.7269 (10 DMA)

R3: 0.7270 ( Dec             8 high)

Support Levels:

S1: 0.7201 (21-Day MA, Trendline )

S2: 0.7194 (100-Day MA)

S3: 0.7173 (55 DMA)
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