- Aussie supported higher after upbeat Australia Trade Balance figures, AUD/CHF extended retail sales led gains.
- Data released earlier today showed Australia Trade Balance came in at an 825M surplus, beating the 700M forecast.
- The pair hit session highs at 0.7418 before paring some gain to currently trade at 0.7399 levels.
- Upside is struggling at Ichimoku cloud base, break above will see resumption of upside in the pair.
- Technical studies are biased higher. RSI is above 50 and Stochs show bullish momentum.
- Price action has broken major trendline resistance at 0.7395 and we see scope for test of 100-DMA.
- On the downside, retrace below trendline resistance turned support at 0.7385 will see further consolidation.
Call update: Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-CHF-struggles-at-4H-200-SMA-good-to-go-long-on-break-above-1232609) has hit all targets.
Recommendation: Book partial profits at highs. Trail stop loss to 0.7360, hold for 0.7425/ 0.7470
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