- Aussie buoyed after Australia Q1 GDP beats estimates y/y, AUD/USD extends gains.
- Data released earlier today showed Australia’s Q1 GDP rose 1.7% y/y, beating estimates of 1.6%.
- AUD/USD rose to 0.7543, the highest level since May 3, and is currently hovering at session highs.
- The pair has broken 200-DMA at 0.7531 and close above will see further upside.
Support levels - 0.7531 (200-DMA), 0.75, 0.7470 (5-DMA), 0.7454 (50% Fib)
Resistance levels - 0.7586 (Apr 24 high), 0.76, 0.7610 (Apr 17 high and 23.6% Fib)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-above-20-DMA-eyes-200-DMA-at-07531-741453) has hit TP1 & 2.
Recommendation: Book partial profits at highs, raise trailing stops to 0.7470, stay long.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 104.114 (Bullish), while Hourly USD Spot Index was at -72.6201 (Neutral) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
