FxWirePro: AUD/USD struggles at 0.77 handle, focus on RBA policy meet

• AUD/USD struggles to extend gains above 0.77 handle, Australia retail sales miss dents AUD.
   
• Data released earlier today showed Australia’s December retail sales m/m fell to -0.1 % (forecast 0.3 %) vs previous 0.1 %.
   
• Focus now on RBA policy meet, the central bank is likely to remain on hold, keeping the interest rate at a historic low of 1.50 percent despite ongoing global uncertainties. 
   
• The pair still trades with a bullish bias. Technical indicators support upside. 
   
• Breakout above 0.77 would see next major resistance at 0.7755 (trendline).
   

Support levels - 0.7644 (78.6% Fib), 0.7633 (5-DMA), 0.7577 (Feb 2 low)

Resistance levels - 0.77 (psychological level), 0.7718 (88.6% Fib), 0.7755 (trendline)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral                 Neutral       
4H          Neutral                 Neutral       
1D          Bullish                 Overbought        
1W         Bullish                 Neutral      

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-major-trendline-resistance-at-07625-good-to-go-long-on-dips-521892) has hit TP1.

Recommendation: Book partial profits at highs, raise trailing stops to 0.7630, hold for upside.