- 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.
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