- AUD/USD has edges higher from session lows at 0.7361, retakes 0.74 handle. Focus on FOMC minutes for further direction.
- The major trades in long term downtrend and was rejected shy of 21-EMA on Wednesday's trade.
- On the downside, price failed to extend weakness below 61.8% Fib at 0.7327, retraces above 5-DMA.
- Technical indicators on daily charts are slowly turning bullish. Stochs have rollover from oversold zone.
- MACD is on verge of a bullish crossover on signal line and RSI is biased higher.
- Further, we see bullish divergence on RSI and Stochs which keeps scope for upside in the pair.
- Upside finds immediate stiff resistance at 21-EMA at 0.7429, break above could see further gains.
- On the flipside, we see weakness to resume on break below major trendline support at 0.7315.
Support levels - 0.7381 (5-DMA), 0.7327 (61.8% Fib), 0.73
Resistance levels - 0.7429 (21-EMA), 0.7481 (50% Fib), 0.7500 (50-DMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 78.3929 (Neutral), while Hourly USD Spot Index was at -141.199 (Bearish) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
