FxWirePro: AUD/USD extends 200-DMA breakout, hits 9-week highs at 0.7746, bias higher

• AUD/USD is extending break above 200-DMA, intraday bias higher.
   
• The pair has edged above 38.2% Fib retrace of 0.81250 to 0.75012 fall at 0.77395.
   
• Technical studies support upside. Price action has pierced into daily cloud and momentum studies are highly bullish.
   
• Next bull target lies at 0.7779 which is 100 day moving average. Violation there could see further gains.
   
• 200-DMA at 0.7692 is now strong support level and we see bullish invalidation on retrace below.

Support levels - 0.7710 (5-DMA), 0.7692 (200 DMA), 0.7648 (23.6% Fib retracement of 0.81250 to 0.75012 fall)

Resistance levels - 0.7780 (100-DMA), 0.78, 0.7813 (50% Fib), 0.7875 (Oct 4 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-consolidates-break-above-200-DMA-at-07692-bias-higher-stay-long-1073314) has hit TP1.

Recommendation: Book partial profits, hold for upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 125.926 (Bullish), while Hourly USD Spot Index was at -117.926 (Bearish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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