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FxWirePro: AUD/USD extends gains above 20-DMA, bias higher, stay long

  • AUD/USD extends bounce off 200-DMA, breaks above 20-DMA at 0.7837.
     
  • Traders shrug-off softer commodity prices, the pair extends post-NFP upsurge.
     
  • Technical indicators are turning bullish. RSI has edged above 50 levels and is biased higher.
     
  • Stochs are biased higher and momentum is bullish. We see +ve DMI dominance.
     
  • Break out at 20-DMA raises scope then for test of 0.7893 (Feb 26 high).

Support levels - 0.7837 (5-DMA), 0.7830 (20-DMA), 0.7795 (200-DMA)

Resistance levels - 0.79, 0.7893 (38.2% Fib), 0.79, 0.7975

Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-holds-above-200-DMA-Aussies-slightly-bid-on-upbeat-trade-data-1190751) is progressing well.

Recommendation: Bias higher. Stay long.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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