AUD/USD retreats from higher levels, good to sell on rallies

AUD/USD has retreated after making a high of 0.80293. Short term trend is still looking weak as long as 0.8035 holds.

On the upside any break above would extend gains till 0.8075/0.8115.

The pair’s major support is around 0.7915 and any break below will target 0.7878/0.7840 in short term.

The minor resistance is around 0.7980.

Indicator (4 Hours chart)

CCI (50) - Sell

CCI (14) – Sell

Ichimoku- Sell
It is good to sell on rallies around 0.7960 for the target of 0.7845 with stop around 0.8035.