- AUD/USD edges higher, downside finds strong support at 0.7603 (converged 5&20-DMA).
- Aussie buoyed on upbeat NAB business conditions data released earlier today.
- Australia business conditions index rose 4 points, to +15 index points, which is well above the long-run average (+5).
- On the other side, US dollar received a fresh lift across the board, following the Fed policymaker Williams hawkish comments.
- Technical indicators on daily charts have turned bullish, RSI and Stochs are biased higher.
- Immediate resistance lies at 0.7659 (78.6% Fib retrace of 0.7749 to 0.7328 fall). Break above could see test of 0.7712 (June 30 highs).
- On the flipside, we see weakness on decisive close below 20-DMA at 0.7603 levels.
Support levels - 0.7603 (converge 5&20-DMA), 0.7588 (61.8% Fib retrace of 0.7749 to 0.7328 fall), 0.7549 (100-DMA)
Resistance levels - 0.7659 (78.6% Fib), 0.7701 (88.6% Fib), 0.7712 (June 30 highs)
Recommendation: Good to go long on dips around 0.7615/20, SL: 0.7580, TP: 0.7660/ 0.77/ 0.7750
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 114.134 (Bullish), while Hourly USD Spot Index was at -20.9007 (Neutral) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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