- AUD/USD hits fresh 4-month highs at 0.7960 before paring some gains to currently trade at 0.7942 levels.
- The major has resumed upside after brief consolidation after break above daily cloud.
- Momentum bullish, RSI above 70 levels and MACD and ADX support trend higher.
- Price has broken 200W SMA and is extending grind higher. 78.6% Fib at 0.7980 is immediate resistance.
- Above 0.7980, next major bull target lies at 200 month SMA at 0.8060.
- 200W-SMA at 0.7845 is strong support, retrace below invalidates bullish bias.
Support levels - 0.7882 (5-DMA), 0.7845 (nearly converged 5 & 200W SMAs), 0.78, 0.7773 (100-DMA)
Resistance levels - 0.7980 (78.6% Fib retrace of 0.81250 to 0.75012 fall), 0.80, 0.8060 (200M SMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-consolidates-break-above-Ichi-cloud-Aussie-weighed-down-by-weak-trade-balance-data-1083014) is approaching final targets.
Recommendation: Book partial profits at highs, watch out for break at 78.6% Fib for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 22.2301 (Neutral), while Hourly USD Spot Index was at -64.6009 (Neutral) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
