• Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-holds-above-070-handle-good-to-buy-dips-weakness-only-below-06920-149966) has hit targets.
  
  
• AUD/USD is extending gains for the fourth consecutive session, pair currently at 0.7140, day's range 0.7067/0.7140.
  
  
• Technicals indicate further upside for the pair, bias is higher, Stochs,RSI and MACD point north, gains upto 0.7250 likely.
  
  
• Bid tone around the Aussie gathered pace after BoJ announced negative rates and hinted at more interest rate cuts if required. 
  
  
• Later in the day, the US preliminary Q4 GDP could influence the broad based demand for the US dollars. 
  
  
• The main data focus today will be the first estimate of US GDP in Q4, which is forecast to show a marked slowdown from annualised growth of 2.0% in the prior quarter.
  
  
• Forecasts are for a reading of 0.8%. A reading which is better than the market forecast is bullish for the dollar.

Recommendation: Buy dips in the pair around 0.7120, Sl: 0.7040, TP: 0.72/0.7250

Resistance Levels:

R1: 0.7160 (Nov 13 highs)

R2: 0.72 (Dec 18 highs & psychological level)

R3: 0.7250 (trendline resistance)

Support Levels:

S1: 0.7068 (session lows)

S2: 0.7040 (5-DMA)

S3: 0.70 (Jan 28th lows)