FxWirePro: AUD/USD breaks above 110-EMA (0.6506), bulls cheer upbeat Australian Q1 CPI data

AUD/USD chart - Trading View 

AUD/USD extending upside for the 6th straight session, gains momentum above 0.65 handle to hit fresh 6-week high.

Aussie bulls cheer upbeat Australian Q1 CPI data released earlier today. Broad-based US dollar weakness also underpins the spot.

AUD/USD was trading 0.62% higher on the day at 0.6530 at 03:50 GMT after closing 0.40% higher in the previous session.

Momentum studies strongly bullish as evidenced by upside biased Stochs and RSI. Volatility is rising as evidenced by widening Bollinger bands.

Analysis of GMMA indicator shows major trend is turning slightly bullish, while minor trend is strongly bullish. 

As the pair breaks above the 110-EMA resistance at 0.6506, scope rises for further upside. Next major hurdle lies at 20W SMA at 0.6554.

Break above 20W SMA could target 76.4% Fib at 0.6675. Bullish invalidation only below 55-EMA. 

Key catalysts to watch out:

Today's U.S. FOMC meeting, U.S. GDP, Thursday’s Chinese official PMI data and U.S. jobless claims and Friday's U.S. ISM Manufacturing PMI.