FxWirePro: AUD/USD breaks above 200-DMA, good to buy dips

• AUD/USD rides the NFP wave, hit 3-week highs of 0.7368 before paring some gains to currently trade at 0.7330.
   
• The pair has broken above 200-DMA at 0.7254 and trades with a majorly bullish bias despite weak MI inflation forecasts.
   
• Data released earlier today showed Australia Melbourne Institute inflation reading came in at +1.0% y/y vs prior 1.5%. While m/m was at -0.2% vs +0.1% in the previous month.
   
• Data will be a concern for the RBA which meets tomorrow to decide policy. 
   
• The RBA is widely expected to remain on hold considering the recent upbeat GDP data, while a dovish statement cannot be ruled out. 
   
• Focus now remains on Fed Chair Yellen’s speech for fresh take on the US interest rates policy.
   
• Immediate resistance is 0.7368 (post NFP highs), break above can see upside till 0.74 and then 0.7450 (38.2% Fib).
   
• On the downside 200-DMA at 0.7254 is major support, break below invalidates bullish bias, exposes downside to 0.7148 levels. 
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Recommendation: Good to buy dips around 0.7320, SL: 0.7250, TP: 0.7368/ 0.74/0.7450