- AUD/USD finds strong support by 5-DMA currently at 0.7398, we see weakness only on close below.
- Technical indicators are positively aligned for further upside.
- The pair has halted downside above 78.6% Fib and has retraced above 61.8% Fib.
- RSI points north, Stochs are on the verge of a rollover from oversold levels.
- Major support levels - 0.74, 0.7398 (5-DMA), 0.7386 (61.8% Fib), 0.7311 (Nov 21 low), 0.7280 (78.6% Fib)
- Major resistance levels - 0.7431 (10-DMA), 0.7461 (50% Fib), 0.75, 0.7519 (200-DMA)
- our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-finds-strong-support-at-07386-good-to-go-long-on-dips-416368) is progressing.
Recommendation: Hold for targets.
FxWirePro's Hourly AUD Spot Index was at 104.143 (Highly bullish), while Hourly USD Spot Index was at 30.6912 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
