AUD/USD chart on Trading View used for analysis
- AUD/USD is trading at 0.7147, up 0.31% on the day at 0530 GMT.
- The Aussie is tracking copper prices higher. Surge in the commodity complex along with rising equities which suggest increased risk-on keep antipodeans supported.
- Copper, one of Australia's top exports, has jumped to the highest since July on US-China trade optimism.
- The major is struggling at 4H 200-SMA at 0.7156, breakout above could see further upside.
- Major trend in the pair is bearish. 110-EMA offers major resistance at 0.7191. Breakout above 200-DMA (0.7264) required for upside continuation.
- For a trading perspective, we would recommend staying long above 4H 200-SMA, SL: 0.7130, TP: 0.7195.
Support Levels - 0.7138 (converged 21-EMA and 4H 5-SMA), 0.71, 0.7069 (Feb 21 low)
Resistance levels - 0.7156 (4H 200-SMA), 0.7195 (nearly converged trendline and 110-EMA)
Recommendation: Stay long above 4H 200-SMA, SL: 0.7130, TP: 0.7195.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
