- AUD/USD remains capped below strong resistance at 20-DMA currently at 0.7945.
- Technical indicators support upside in the pair and break above 20-DMA to see further upside.
- RSI is above 50 levels and biased higher. Stochs also point north. Price action is above daily cloud and major EMAs.
- Break above 20-DMA to see test of 61.8% Fib at 0.80 levels ahead of 0.8055 (78.6% Fib).
- 50-DMA is immediate support at 0.7865, break below could see minor weakness.
Support levels - 0.7902 (38.2% Fib), 0.7847 (23.6% Fib), 0.7816 (cloud base)
Resistance levels - 0.7945 (20-DMA), 0.7988 (Feb 16 high), 0.8055 (78.6% Fib)
Recommendation: Watch out for break above 20-DMA for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 165.894 (Bullish), while Hourly USD Spot Index was at 101.776 (Bullish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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