- AUD/USD has broken above major trendline resistance at 0.7465, intraday bias higher.
- The pair has paused upside at 0.75 handle, break above will see resumption of upside.
- The pair is extending upside in continuation of the 'Bullish Bat Pattern'.
- We see scope for test of 200-DMA at 0.7540. Violation there could see further upside.
- Technical studies are still biased higher. RSI and Stochs point north while MACD shows a bullish crossover on signal line.
Support levels - 0.7454 (5-DMA), 0.7434 (20-DMA), 0.7428 (23.6% Fibo 0.7749 to 0.7329 fall), 0.7355 (trendline)
Resistance levels - 0.75 (psychological level), 0.7540 (200-DMA), 0.7588 (61.8% Fib)
Call update: We had advised a long in our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-edges-higher-from-session-lows-at-07428-holds-236-Fib-support-bias-higher-714432) .
Recommendation: Good to go long on dips around 0.7480/90, SL: 0.7430, TP: 0.7540/ 0.7580
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 83.7607 (Bullish), while Hourly USD Spot Index was at -101.49 (Bearish) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
