FxWirePro: AUD/USD attempts 0.77 handle, momentum bullish - stay long
Wednesday, August 10, 2016 4:42 AM UTC
- Comments from Reserve Bank of Australia (RBA) governor Stevens offered no dovish surprises.
- AUD/USD remains on the front foot, attempts to retake the 0.77 handle, intraday bias higher.
- Supports are seen at 0.7652 (5-DMA), 0.7621 (Aug 9 low) and 0.7608 (10-DMA).
- Resistance is located at 0.7719 (May 3 high), 0.7774 (Apr 22 high) and 0.78.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-major-resistance-at-07630-good-to-go-long-on-dips-244769) is progressing well.
- Targets 1 and 2 have been achieved. We see scope for further gains. Recommend booking partial profits, raise trailing stop to 0.7660, hold for 0.7720/ 0.7775.