FxWirePro: AUD/USD struggles at 20-DMA, only break above to see further gains
Wednesday, September 21, 2016 5:24 AM UTC
- 20-DMA offers stiff resistance for upside in AUD/USD, only decisive break above could see further gains.
- The major holds gains above 23.6% Fib (0.7760 to 0.7442 fall) at 0.7517 and a decisive break above 20-DMA at 0.7559 could see upside till 0.7638 (61.8% Fib).
- Intraday bias is neutral, weakness to resume on break below 100-DMA at 0.7578
- Major support levels - 0.75, 0.7478 (100-DMA), 0.7460 (trendline), 0.7403 (200-DMA)
- Major resistance levels - 0.7556 (20-DMA), 0.7563 (38.2% Fib), 0.7573 (Sept 19 high)
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-finds-strong-support-at-100-DMA-good-to-go-long-on-dips-306093) is progressing.
- Target price 1 achieved. We recommend holding for targets.