- AUD/USD has pared losses and edged higher from session lows at 0.7428, intraday bias higher.
- The pair is struggling to extend gains above major trendline resistance currently at 0.7465.
- Technical studies are still biased higher. RSI and Stochs point north while MACD shows a bullish crossover on signal line.
- Break above trendline resistance at 0.7465 could see resumption of upside in 'Bullish Bat Pattern'.
- Downside is currently holding 23.6% Fib support at 0.7428, close below 5-DMA at 0.7437 could see reversal upto 0.7355 levels.
- Scope then for test of 50-DMA at 0.7532, 200-DMA at 0.7542 and then 61.8% Fib at 0.7588.
Support levels - 0.7437 (5-DMA), 0.7428 (23.6% Fib), 0.7355 (trendline)
Resistance levels - 0.74645 (trendline), 0.7490 (38.2% Fib and trendline), 0.75
Recommendation: Watch out for break above 0.7465 to go long.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 31.1699 (Neutral), while Hourly USD Spot Index was at -104.953 (Bearish) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
