FxWirePro: AUD/USD trades shy of 55-EMA, 'bullish divergence' keeps scope for further upside

AUD/USD chart on Trading View used for analysis

• AUD/USD spikes past 21-EMA resistance, is trading 1.23% higher at 0.7158 at the time of trading.
   
• Aussie buoyed after robust trade balance data released earlier today. News that China mulls further stimulus to counter the economic slowdown adds further optimism.
   
• The antipodean also helped by Chinese Caixin Manufacturing PMI data that managed to hold above the 50.0 critical level.
   
• The major trend for the pair remains bearish. But break above stiff resistance at 21-EMA raises scope for upside. 
   
• Further, we see bullish divergence on RSI and Stochs which adds to the bullish bias.
   
• Focus now on US employment data for further direction. Break above 55-EMA targets 0.7287.

Support levels - 0.7112 (21-EMA), 0.7035 (Lower BB)

Resistance levels - 0.7185 (55-EMA), 0.72, 0.7287 (110-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.