- AUD/USD extends bullish momentum into 3rd consecutive day.
- The pair has broken above 50% Fib at 0.7461 and is on track to test 20-DMA at 0.7536.
- Technical indicators are positively aligned for further upside.
- RSI points north, Stochs have rolled over from oversold levels and MACD line is on verge of a bullish crossover on signal line.
- Major support levels - 0.7461 (50% Fib), 0.7421 (5-DMA), 0.74, 0.7386 (61.8% Fib)
- Major resistance levels - 0.75, 0.7520 (200-DMA), 0.7536 (20-DMA), 0.7581 (Nov 15 high)
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-finds-strong-support-at-07386-good-to-go-long-on-dips-416368) has hit TP1.
Recommendation: Raise trailing stop to 0.74, hold for targets.
FxWirePro's Hourly AUD Spot Index was at 114.908 (Highly bullish), while Hourly USD Spot Index was at -137.43 (Highly bearish) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
