- AUD/USD extends upside for 6th consecutive session, breaks above 50% Fib, bias higher.
- The pair remains supported by broad based USD weakness, scope for further upside.
- Heightened fears of a hard landing in the US economy keeping the dollar subdued.
- Technical indicators are biased higher. RSI and Stochs point north. MACD is on verge of a bullish crossover.
- The pair has bounced off 200-DMA and we see bullish invalidation only on break below.
- Price action currently hovering around 20-DMA at 0.7957. Breakout there will see further upside.
Support levels - 0.7957 (20-DMA), 0.7910 (5-DMA), 0.79 (38.2% Fib)
Resistance levels - 0.7991 (61.8% Fib), 0.80, 0.8055 (78.6% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-bounces-off-200-DMA-bias-higher-good-to-go-long-on-dips-1149539) is approaching final targets.
Recommendation: Hold for upside. Watch out for break above 0.80 for further bullishness.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
