FxWirePro: AUD/USD Daily Technical Outlook

AUD/USD chart - Trading View 

• AUD/USD consolidates channel breakout, holds above 110-EMA, bias higher.
   
• The pair has been trading in the red in the Asian session today as Aussie depressed by mixed Chinese data.
   
• Downside has held support at 110-EMA and we see weakness only below 5-DMA (currently at 0.7137).
   
• The major has edged higher from session lows at 0.7152 and is currently trading at 0.7164 (at 0520 GMT).
   
• Technical indicators support upside. Stochs show bullish momentum. MACD supports upside.
   
• Scope for test of 200-DMA at 0.7198. Breakout above could see further gains. Break below -DMA will see weakness till 20-DMA.

Support levels - 0.7150 (110-EMA), 0.7135 (5-DMA), 0.7108 (20-DMA), 0.7118 (55-EMA)

Resistance levels - 0.7198 (200-DMA), 0.7235 (Jan 11 high), 0.7295 (Jan 31 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.