- AUD/USD stalled disappointing current account data-led slide near 0.7460-55 region and edged higher.
- RBA as expected, maintained status quo and left its key benchmark interest rate at record low level of 1.5%.
- The central bank judged steady policy consistent with growth and inflation targets.
- AUD/USD has bounced of major trendline support at 0.7370 levels, broken above 20-DMA and bulls now target 200-DMA at 0.7531.
- Technical indicators are biased higher, we see weakness only on close below 20-DMA at 0.7436.
- The pair is currently struggling at 50-DMA, break above confirms further upside.
Support levels - 0.7454 (50% Fib), 0.7441 (5-DMA), 0.7436 (20-DMA), 0.74, 0.7385 (61.8% Fib of 0.71599 to 0.7749 rise)
Resistance levels - 0.7487 (50-DMA), 0.75, 0.7530 (200-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-above-20-DMA-eyes-200-DMA-at-07531-741453) has hit TP1.
Recommendation: Bias higher, stay long.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 55.1304 (Neutral), while Hourly USD Spot Index was at -133.924 (Bearish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
