FxWirePro: AUD/USD regains bid tone after Australia MYEFO release, watch out for 200-DMA break for further upside

• Aussie mildly bid after Australia's GDP was raised higher in the latest MYEFO release.
   
• Australia's Real GDP is forecast to grow by 2½ percent in 2017-18 and 3 percent in 2018-19, compared to 2.0 percent achieved in 2016-17.
   
• Meanwhile, Nominal GDP is forecast to grow by 3½ percent in 2017-18 and 4 percent in 2018-19.
   
• Bullish divergence on RSI and Stochs keeps scope for upside in the pair. Break above 200-DMA finds next major resistance at daily cloud at 0.7720.
   
• Technical studies are bullish, we see bearish reversal only on break below 20-DMA at 0.7591.

Support levels - 0.7631 (5-DMA), 0.7591 (20-DMA), 0.75 (78.6% Fib retrace of 0.73285 to 0.81250 rally)

Resistance levels - 0.7664 (50-DMA), 0.7692 (200-DMA), 0.7726 (50% Fib retrace of 0.73285 to 0.81250 rally)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-hovers-around-50-DMA-at-07669-break-above-targets-200-DMA-stay-long-1058435) has hit target 1.

Recommendation: Watch out for breakout at 200-DMA for further upside

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest