FxWirePro: Aussie bulls cheer centre-right government's surprise victory, AUD/USD extends gap-up open

AUD/USD chart - Trading View 

• Aussie bulls cheer weekend news that Australia’s centre-right government has clung to power in a surprise victory.
   
• AUD/USD opens with a bullish gap and is extending gains as we write, up 0.77% at the time of writing.
   
• US-China trade talks are on the sour ride and Reserve Bank of Australia’s (RBA) surprised with no rate cut.
   
• But AUD largely brushing aside negative news, price action has edged above 5-DMA and has broken above hourly cloud.
   
• The major could extend gains on continued momentum. Next bull target lies at 21-EMA at 0.6987.
   
• No major data/event scheduled for release during the day, focus on Powell’s speech at the Financial Markets Conference for fresh impulse.

Support levels - 0.6910 (5-DMA), 0.6892 (78.6% Fib)

Resistance levels - 0.6955 (61.8% Fib), 0.6987 (21-EMA)

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