FxWirePro: AUD/USD hovers around 1H 200-SMA at 0.7580, good to go long on break above

• AUD/USD paused downside at daily cloud at 0.7539 levels and bounced higher on Friday's trade.
   
• The pair is currently hovering around 1H 200-SMA at 0.7580 levels, bias higher on intraday charts.
   
• Technical indicators on weekly charts are highly bullish, scope for upside. Break above hourly 200-SMA could see upside till 0.7620 (trendline resistance).
   
• On the downside, we see weakness only on break below 200-DMA at 0.7531.
   
• The rebound in Australian job creation keeps the Reserve Bank of Australia (RBA) rate cut talk at bay.
   
• Focus this week on US Markit preliminary June PMIs and May New Home Sales for further impetus.
   

Support levels - 0.7539 (cloud top), 0.7530 (nearly converged 20 & 200-DMA), 0.7518 (38.2% Fib of 0.7328 to 0.7635 rally)

Resistance levels - 0.7564 (converged 5-DMA and 23.6% Fib), 0.76, 0.7620 (trendline)

Recommendation: Good to go long on break above 0.7580, SL: 0.7530, TP: 0.7620/ 0.7635/ 0.7680

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