FxWirePro: AUD/USD extends gains above 0.71 handle, risk-on action in stocks buoys antipodeans

AUD/USD chart on Trading View used for analysis

• AUD/USD is trading 0.29% higher on the day at 0.7136 at the time of writing.
   
• The antipodeans have found support in early Asia amid risk-on action seen in stocks.
   
• Positive news related to the US-China trade war alongside China's announcement of more stimulus measures coming from the banking sector add support.
   
• As both economies resume talks today in Beijing, news flows as how the trade-talks develop will influence price action.
   
• Major trend in the pair remains bearish, but upside momentum on daily charts may see minor gains.
   
• Price action has broken above 21-EMA and is on track to test next major resistance at 55-EMA at 0.7164.

Support levels - 0.7112 (21-EMA), 0.7056 (5-DMA)

Resistance levels - 0.7164 (55-EMA), 0.7189 (4H 200-SMA)

Recommendation: Good to stay long on dips, SL: 0.71, TP: 0.7165/ 0.7185