FxWirePro: AUD/USD struggles to break above daily cloud, good to go long above 0.79

• AUD/USD has failed to close below 1W 200-SMA and we see scope for further upside if pair breaks out of daily cloud.
   
• Currently price action is struggling to break past daily cloud top at 0.7878.
   
• Technical indicators on daily charts are turning bullish. RSI and Stochs have turned north and we see +ve DMI dominance on 1H charts.
   
• Above daily cloud we find next major resistance at 20-DMA at 0.7896. Break out at 20-DMA could see further gains.
   
• On the flipside, we see weakness only on close below 1W 200-SMA currently at 0.7803.
   
• Light Aussie calendar with mid-tier data ahead. Focus will be on UST yields and Fed talk for further impetus.

Support levels - 0.7846 (5-DMA), 0.78, 0.7778 (200-DMA)

Resistance levels - 0.7878 (cloud top), 0.7881 (1H 200-SMA), 0.7896 (20-DMA)

Recommendation: Watch out for breakout at 20-DMA to go long. Target 0.7988/ 0.8035/ 0.81.

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