FxWirePro: AUD/USD struggles at 100-DMA, bias higher, good to go long on break above

• AUD/USD consolidates near 200-DMA at 0.7556, bias remains bullish.
   
• Data released earlier today showed Australian business conditions eased slightly in May, but continue to hold up at elevated levels.
   
• The business conditions index fell 1 point, to +12 index points, which is well above the long-run average (+5).
   
• USD buying picks-up pace across the board as markets head into a 2-day FOMC meeting that commences today.
   
• Outcome for Australia employment in May (due Thursday) will also be closely watched. Unimpressive data could add to AUD/USD downside.
   
• Tehnical studies are biased higher, break above 200-DMA will see resumption of upside.
   
• Momentum on weekly charts is also bullish. Price action is above weekly cloud and RSI and Stochs are biased higher.
   
• Break above 100-DMA could see test of channelt top at 0.7715.

Support levels - 0.7531 (200-DMA), 0.75, 0.7489 (38.2% Fib 0.7749 to 0.7328 fall)

Resistance levels - 0.7588 (61.8% Fib), 0.7610 (Apr 17 high), 0.7632 (Mar 7 high)

Recommendation: Watch out for break above 100-DMA to go long, target 0.7585/ 0.7610/ 0.7630

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 36.0996 (Neutral), while Hourly USD Spot Index was at 11.7038 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.