FxWirePro: AUD/USD struggles at 20-DMA, good to go long on break above

• AUD/USD struggles to break past 20-DMA resistance at 0.7925, bias higher.
   
• Technical indicators support upside in the pair. RSI holds above 50 level and Stochs are biased higher.
   
• The pair is trading in a rising channel pattern. We see scope for test of 0.80 levels on decisive break above 20-DMA.
   
• Failure at 20-DMA could see drag upto 50-DMA at 0.7776.

Support levels - 0.79, 0.7894 (5-DMA), 0.7851 (23.6% Fib retrace of 0.7160 to 0.8065 rally)

Resistance levels - 0.7962 (Aug 17 high), 0.80, 0.8042 (Aug 1 high)

TIME  TREND INDEX  OB/OS INDEX   

1H          Bearish               Neutral      

4H          Neutral               Neutral      

1D          Bullish                Neutral        

1W         Neutral               Neutral     

Recommendation: Good to go long on decisive break above 20-DMA, SL: 0.7850, TP: 0.7960/ 0.80/ 0.8040

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