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Add as a preferred source on Google FxWirePro: AUD/USD breaks major resistance at 0.7630, good to go long on dips AUD/USD extends gains to hit fresh 3-week high at 0.7663 following the release of RBA’s quarterly Statement on Monetary Policy (SoMP). Aussie bulls cheered the RBA SoMP which provided no new surprises and no further easi…
By FxWire Pro Aug 5, 2016, 4:35 AM UTC
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AUD/USD extends gains to hit fresh 3-week high at 0.7663 following the release of RBA’s quarterly Statement on Monetary Policy (SoMP).
Aussie bulls cheered the RBA SoMP which provided no new surprises and no further easing bias.
Uptick in copper prices alongside positive performance on the Asian equities, provide further support.
US NFP data release due later in the US session is a major event risk, upbeat data could see downside in the pair.
Immediate resistance is seen at 0.7676 (July 15 high), 0.77 and then 0.7719 (May 3rd high).
Supports on the downside are seen at 0.76 (5-DMA), 0.7556 (10-DMA) and then 0.7489 (100-DMA and cloud top).
Techs support upside in the pair, momentum studies are bullish. However, Stochs are at oversold so possibility for correction.
Recommendation: Good to go long on dips around 0.7630, SL: 0.7580, TP: 0.7675/ 0.77/ 0.7720
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