- AUD/USD consolidating dovish FOMC minutes led upside on the 0.76 handle.
- Price action rages in narrow range with stiff resistance at 20-DMA at 0.7637.
- Technical studies are turning slightly bullish, RSI has turned north from near oversold levels.
- Stochs are showing rollover from oversold levels and MACD is on verge of bullish crossover on signal line.
- Break above 20-DMA finds next major resistance at 0.7694 (200-DMA) ahead of 0.7730 (Nov 2 high).
- On the flipside, 5-DMA at 0.7585 is immediate support, break below to see weakness upto 0.7535 levels. Violation there could accentuate weakness.
Support levels - 0.7585 (5-DMA), 0.7535 (double bottom June 22 and Nov 17), 0.7528 (61.8% Fib retrace of 0.7160 to 0.81250 rally)
Resistance levels - 0.7637 (20-DMA), 0.7694 (200-DMA), 0.7758 (38.2% Fib retrace of 0.81250 to 0.75320 fall)
Recommendation: Watch out for break above 0.7640 to go long, SL: 0.7585, TP: 0.7695/ 0.7750
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 123.096 (Bullish), while Hourly USD Spot Index was at -120.956 (Bearish) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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