- Aussie remains well bid in the Asian trades, AUD/USD looking to extend the recent bullish momentum.
- Aussie bulls ignore downbeat Aus leading index data published by Westpac. Australia Westpac Leading Index (MoM): -0.1% (June) vs previous 0%.
- The pair has broken above daily cloud and has currently paused upside at minor trendline resistance at 1.08 levels.
- Break above will take the pair to 1.0880 (78.6% Fib retrace of 1.10188 to 1.03706 fall).
- Focus now turns towards the Australian jobs data due tomorrow for further impetus.
Support levels - 1.0771 (61.8% Fib), 1.07, 1.0683 (5-DMA), 1.0662 (cloud top)
Resistance levels - 1.08, 1.0820 (May 19 high), 1.0880 (78.6% Fib)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-NZD-hovers-around-weekly-200-SMA-at-10767-momentum-studies-bullish-stay-long-807292) has hit TP1.
Recommendation: Bias higher, hold for upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 87.5985 (Neutral), while Hourly NZD Spot Index was at -24.841 (Neutral) at 0400 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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