FxWirePro: AUD/USD takes out 0.72 handle after upbeat Australia GDP data, break above 0.7250 could see further upside

Data released earlier on Wednesday showed Australian Q4 GDP print outpaced estimates and surprised markets to the upside, grew 0.6% in Q4 2015, beating forecasts of a 0.4% growth. 

• Aussie caught a fresh bid-wave, extends its winning streak for the third straight session to take out the 0.72 handle.
   
• The ongoing risk-on rally in the Asian equities further supporting the pair, which is currently trading around 0.7230 levels.
   
• Series of resistances lined up in the 0.7245-50 region, break and close above could see further gains.
   
• 0.7181 (5-DMA) is strong support on the downside ahead of cloud top at 0.70, weakness only on break below 0.70.
   
• The following are the risk events lined up for this week which could impact the pair: US ADP report (Wed), Aus trade balance and the Chinese services PMI (Thur), Aus retail sales and US NFP (Fri).
   

Recommendation: Go long on breakout above 0.7250, target 0.73/0.7330/0.7385