FxWirePro: AUD/USD hit fresh 3-month highs at 0.7712, bias higher, stay long

• AUD/USD edges lower from fresh 3-month highs at 0.7712, bias still higher.
   
• Aussie buoyed after data showed the pace of expansion in manufacturing and non-manufacturing activity in China ticked up in June.
   
• China manufacturing PMI printed at 51.7, beating estimate of 51.00. The non-manufacturing PMI rose to 54.9, also above forecasts at 54.5.
   
• The pair is extending upside after break above major resistance at 0.7620.
   
• Momentum studies are highly bullish, RSI strong at 70 and biased higher.
   
• Focus on the Reserve Bank of Australia’s (RBA) monetary policy decision scheduled to be held on July 4 for further direction.
   

Support levels - 0.7635 (5-DMA), 0.7615 (trendline), 0.7588 (61.8% Fib)

Resistance levels - 0.7701 (88.6% Fib), 0.7749 (Mar 21 high), 0.7778 (Nov 8, 2016 high)

Call update-1: 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) has hit all targets.

Call update-1: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-major-resistance-at-07620-bias-higher-stay-long-781086) has hit TP1&2.

Recommendation: Book partial profits, hold for upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -0.356612 (Neutral), while Hourly USD Spot Index was at -93.5069 (Bearish) at 0540 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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