FxWirePro: AUD/USD edges lower from session high, 20-DMA caps upside
Tuesday, September 20, 2016 4:44 AM UTC
- AUD/USD reversed a knee-jerk spike post-RBA minutes, now trades around 0.7543 levels.
- RBA meeting minutes reiterated that a stronger AUD level could complicate economic rebalancing, no new surprises seen.
- The major holds gains above 23.6% Fib (0.7760 to 0.7442 fall) at 0.7517 and a decisive break above 20-DMA at 0.7559 could see more upside .
- Major support levels - 0.75, 0.7477 (100-DMA), 0.7455 (trendline), 0.7401 (200-DMA)
- Major resistance levels - 0.7559 (20-DMA), 0.7563 (38.2% Fib), 0.7573 (Sept 19 high)
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-finds-strong-support-at-100-DMA-good-to-go-long-on-dips-306093) is progressing.
- Target price 1 achieved. We recommend holding for targets.