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FxWirePro: AUD/USD struggles at 20-DMA, only break above to see further gains

  • 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.
     
  • Market Data
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