FxWirePro: AUD/USD breaks above 55-EMA, risk-on rally in Asian equities and broad-based US dollar weakness support

AUD/USD chart - Trading View 

• AUD/USD extends gains for the 2nd straight session, trades marginally higher at 0.7119 at 0340 GMT.
   
• The pair hovers around 55-EMA resistance currently at 0.7119, decisive break above to see further gains.
   
• Upside remains supported by risk-on rally in Asian equities and broad-based US dollar weakness.
   
• Major trend is bearish. Break above 55-EMA eyes next major resistance at 110-EMA at 0.7159. 
   
• Decisive breakout above 110-EMA and daily cloud targets 200-DMA at 0.7214.
   
• On the downside, immediate support is seen at 5-DMA at 0.7107. Break below 21-EMA could see further weakness.

Support levels - 0.7107 (5-DMA), 0.7098 (21-EMA), 0.7050 (cloud base)

Resistance levels - 0.7119 (55-EMA), 0.7159 (110-EMA), 0.7214 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.