FxWirePro: AUD/USD hovers near yearly highs, close above 110W EMA to fuel further gains

AUD/USD chart - Trading View 

AUD/USD was trading 0.68% higher on the day at 0.6989 at around 08:45 GMT.

The pair is on track to close over 4.75% higher for the week as price tests yearly highs.

Momentum strongly bullish and volatility is rising as evidenced by widening Bollinger bands.

The pair is attempting break above stiff resistance at 110W EMA at 0.6937. Close above will fuel further upside.

Markets await crucial U.S. Non-Farm Payrolls data for further impetus. Analysts expect data to show a further deterioration in the state of the US labour market. 

Upside continuation will see jump till 200W SMA at 0.7284. Resistance enroute lies at 61.8% Fib at 0.7184.

On the flipside, failure to close above 110W EMA will see weakness. Retrace below 200-DMA negates upside bias.

Major Support Levels: 

• S1: 0.6937 (110W EMA)
• S2: 0.6908 (5-DMA)
• S3: 0.6775 (Tenkan Sen)

Major Resistance Levels: 

• R1: 0.7131 (Dec 2019 high)
• R2: 0.7184 (61.8% Fib)
• R3: 0.7284 (200W MA)