FxWirePro: 'Potential Bearish Cypher' on AUD/USD, break above 5-DMA at 0.7285 to see further upside

• AUD/USD is attempting a minor recovery from the recent lows seen at 0.7222 overnight.
   
• US Dollar Index off highs, but still headed toward highest close in 14 years backed by hawkish Fed.
   
• RBA on hold for now, minutes saw considerable uncertainty with regards momentum in labour market and still saw excess capacity.
   
• The pair has held 88.6% Fib at 0.7217 and is attempting test of 78.6% Fib at 0.7280.
   
• We have evidenced a "Potential Bearish Cypher" on AUD/USD daily charts.
   
• Trend in the pair is lower, but break above 5-DMA at 0.7258 could see some upside.
   
• Support levels - 0.7222 (Dec 20 low), ), 0.7217 (88.6% Fib), 0.72, 0.7145 (May 24 low)
   
• Resistance levels -0.7280 (78.6% Fib), 0.7284 (5-DMA), 0.73, 0.7345 (trendline), 0.7386 (61.8% Fib), 0.74
   
• Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-slips-below-073-handle-good-to-short-rallies-456738) had achieved TP1&2. 
   

Recommendation: Book partial profits. Watchout for close above 5-DMA.
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FxWirePro's Hourly AUD Spot Index was at -40.3749 (Neutral), while Hourly USD Spot Index was at 119.498 (Highly bullish) at 0140 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.