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  |   Technicals


FxWirePro: AUD/USD breaks above 110-EMA, US dollar weakness supports upside

Chart - Courtesy Trading View 

Spot Analysis:

AUD/USD was trading 0.35% higher on the day at 0.7309 at around 08:30 GMT.

Previous Week's High/ Low: 0.7277/ 0.7129

Previous Session's High/ Low: 0.7292/ 0.7200

Fundamental Overview:

The greenback plummeted following the release of US inflation data overnight, supporting the commodity currencies. 

US December Consumer Price Index was confirmed at 7% YoY, while the core reading beat expectations, up to 5.5%. 

Technical Analysis:

- AUD/USD has broken above 110-EMA and daily cloud

- Momentum is bullish, RSI is above 50 and Stochs are bullish

- Volatility is rising, MACD supports upside

- GMMA indicator shows major trend is neutral, while near-term trend has turned bullish

Major Support and Resistance Levels:

Support - 0.7292 (110-EMA), Resistance - 0.7424 (200-DMA)

Summary: AUD/USD technical bias has turned bullish after break above daily cloud and 110-EMA. Next immediate bull target lies at 0.7370 ahead of 200-DMA at 0.7424.

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