AUD/USD has strong support at 0.6920/30 range, and the pair held trendline support to edge higher.
- Successive spinning top and Doji formed at lows suggest bears' inability to take the pair lower.
- The pair has broken above 5-DMA at 0.6993 on the day, further upside on charts, gains upto 0.7161 (cloud base) likely.
- Immediate support is located at 0.6995 (5-DMA), while the next hurdle on the upside is located at 0.7076 (Jan 8th highs).
Recommendation: Good to go long on dips around 0.7020, SL: 0.6920, TP1: 0.7075, TP2: 0.7150
Resistance Levels:
R1: 0.7076 (Jan 8th highs)
R2: 0.7086 (Jan 7th highs)
R3: 0.7096 (10-DMA)
Support Levels:
S1: 0.6995 (5-DMA)
S2: 0.6974 (Session lows Jan 13)
S3: 0.6940 (Jan 12 lows)
