- AUD/USD upside capped just below 0.75 handle, bias remains higher.
- The pair made high of 0.7497 in the Asian session before edging lower to currently trade around 0.7480 levels.
- 50% Fib at 0.7461 is strong support on the downside, break below could see drag upto 0.7386 (61.8% Fib).
- On the flipside, we see major resistance at 200-DMA (0.7522), further upside only on break above.
- Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-finds-strong-support-at-07386-good-to-go-long-on-dips-416368) has achieved TP1&2.
- Support levels - 0.7461 (50% Fib), 0.7438 (5-DMA), 0.74, 0.7386 (61.8% Fib)
- Resistance levels - 0.75, 0.7522 (200-DMA), 0.7528 (20-DMA)
Recommendation: Book partial profit at highs, raise trailing stop to 0.7435, hold for upside.
FxWirePro's Hourly AUD Spot Index was at 116.233 (Highly bullish), while Hourly USD Spot Index was at -84.909 (Slightly bearish) at 0610 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
