- AUD/USD has broken above 0.7428 which is 23.6% Fib retrace of 0.7749 to 0.7328 fall.
- The pair hit 2-week highs of 0.7466 after upbeat Australia jobs data buoyed the Aussie against major pairs.
- Grind higher along 5-DMA continues as the major extends upside in continuation of a 'Bullish Bat Pattern' formation.
- 5-DMA support at 0.7422 is strong support on the downside and we see weakness only on close below.
- S&P affirmed Australia's AAA rating on Wednesday, but cautioned that it could cut sovereign rating if loses confidence in surplus outlook.
Support levels - 0.7447 (20-DMA), 0.7428 (23.6% Fib), 0.7423 (5-DMA), 0.7350 (trendline)
Resistance levels - 0.7475 (trendline), 0.7490 (38.2% Fib and trendline), 0.75
Call update: http://www.econotimes.com/FxWirePro-AUD-USD-forms-Bullish-Bat-Pattern-good-to-go-long-on-dips-700271) has hit TP1 & 2.
Recommendation: Book partial profits at highs, raise trailing stop to 0.74, stay long.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -3.89897 (Neutral), while Hourly USD Spot Index was at -42.5936 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
