FxWirePro: AUD/USD Trade Idea

AUD/USD chart on Trading View used for analysis

FxWirePro Currency Strength Index for AUD/USD: Bias Bullish
FxWirePro's Hourly AUD Spot Index was at 117.427 (Bullish)
FxWirePro's Hourly USD Spot Index was at -114.226 (Bearish)

Technical Analysis: Bias Bullish
- AUD/USD set to extend bullish gap after US-China trade armistice over the weekend.
 - Price action has bounced off daily cloud and 21-EMA support
- Bollinger Bands are widening with rise in volatility
- +ve DMI dominance with ADX rising in support of upside
- Momentum studies are bullish. Stochs and RSI are sharply higher

Fundamental Views:
- Temporary truce between US President Trump and his Chinese counterpart Xi put a strong bid under the antipodeans.

Support levels - 0.7332 (5-DMA), 0.73, 0.7267 (20-DMA)
Resistance levels - 0.7415 (200-DMA), 0.7447 (38.2% Fib), 0.7709 (61.8% Fib)

Recommendation: Stay long on dips, SL: 0.7330, TP: 0.7415/ 0.7445/ 0.75

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.