- Sentiment among commodities continued to improve underpinning the resource-linked Aussie.
- AUD ignored weak Q3 construction work data released earlier today which adds to evidence that the economy hit a soft spot in the middle of 2016.
- AUD/USD is currently trading at 0.7433, 0.49% higher on the day, intraday bias higher.
- The pair finds major support at 0.7386 (converged 78.6% Fib and 5-DMA).
- Major support levels - 0.74, 0.7386 (5-DMA & 61.8% Fib), 0.7311 (Nov 21 low), 0.7280 (78.6% Fib)
- Major resistance levels - 0.7461 (50% Fib), 0.7467 (10-DMA), 0.75, 0.7517 (200-DMA)
Recommendation: Good to go long on dips around 0.7410/20, SL: 0.7360, TP: 0.7460/ 0.75/ 0.7515/ 0.7560.
FxWirePro's Hourly AUD Spot Index was at 146.985 (Highly bullish), while Hourly USD Spot Index was at -1.39567 (Neutral) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
