FxWirePro: AUD/USD finds major support at 1H 200-SMA at 0.8020, weakness only on break below

• AUD/USD pauses upside, slips below 0.81 handle, intraday bias slightly bearish.
   
• The pair has edged lower from 2 1/2 year highs at 0.8035 hit last week.
   
• We evidence a bullish engulfing pattern formed on daily candles last Friday which supports further upside.
   
• The pair is trading in a rising channel on weekly charts and is on track to test channel top at 0.8220.
   
• We see minor weakness on intraday charts. RSI, Stochs and MACD support downside on hourly charts.
   
• We see major support at 1H 200-SMA at 0.8022. The pair has bounced off several times. Weakness only on break below.

Support levels - 0.8057 (5 DMA), 0.8022, 0.80 0.7943 (20-DMA)

Resistance levels - 0.8125 (2017 high), 0.8166 (50% Fib retrace of 0.9505 to 0.6827 fall), 0.8220 (channel top)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-extends-stellar-rally-hits-fresh-4-month-high-of-08091-bias-higher-1114840) has hit TP1.

Recommendation: Book partial profits at highs, trail SL to 0.8020, hold for upside.

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