FxWirePro: AUD/USD finds stiff resistance at 0.7620, break above needed for further upside

• AUD/USD is struggling to extend gains beyond 0.76 handle, bias remains bullish.
   
• The pair is extending gains after it held above major support at 200-DMA at 0.7530 on 22nd June trade.
   
• Stronger China’s industrial profits data for May also added to the renewed bullish momentum in the major.
   
• Expectations that the Fed may continue to push forward with policy normalization as suggested by the Bank for International Settlements (BIS) could limit upside.
   
• The pair finds stiff resistance at 0.7620 (trendline), break above needed for further upside.
   
• Focus on RBA Assistant Governor Debelle’s speech due out in the European session for fresh light on the central bank's monetary policy approach going forward.
   
• Also, the US data followed by Fed Chair Yellen’s speech will impact further direction.

Support levels - 0.7568 (5-DMA), 0.7537 (20-DMA), 0.7532 (200-DMA)

Resistance levels - 0.7620 (Trendline), 0.7659 (78.6% Fib), 0.7680 (Mar 30 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-hovers-around-1H-200-SMA-at-07580-good-to-go-long-on-break-above-773533) is approaching TP1.

Recommendation: Book partial profits at highs. Watch out for break above 0.7620 for further upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 72.3783 (Neutral), while Hourly USD Spot Index was at -57.9965 (Neutral) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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