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AUD/USD continues to tread on firmer ground, despite cautionary rhetoric by the RBA.
- The pair is extending recovery from below 0.6990 and lows of 0.6983 (Feb 11th) in the recent sell-off.
- AUD/USD has strong support at 0.7117 (converged 5 and 10 DMA), breaks below could take the pair to 0.7063.
- 0.7156 (cloud top) is immediate resistance on the upside ahead of 0.7210 (falling trendline).
- Technicals indicate further upside in the pair, breaks above 0.7210 could see further momentum to 0.7240 and then 0.73 levels.
Recommendation: Good to buy dips around 0.7140, SL: 0.71, TP: 0.7180/0.7210
