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FxWirePro: AUD/USD breaks above 20-DMA, intraday bias higher, stay long

  • AUD/USD hits fresh two-week highs at 0.7675, on track to test 0.77 levels.
     
  • Aussie extends gains as markets digest the latest RBA meeting minutes and Governor Lowe’s comments.
     
  • Minutes suggested that the RBA may remain in a wait and see mode in the upcoming meetings. RBA’s Lowe noted that the current AUD level is suitable for the economic growth.
     
  • On the daily charts, the pair has broken above 20-DMA at 0.7622. Intraday bias higher.
     
  • Next major resistance aligns at 0.77 (trendline), break above will see further upside.
     
  • Major support levels -  0.7622 (20-DMA), 0.76, 0.7598 (10-DMA), 0.7581 (Oct 17 low)
     
  • Major resistance levels - 0.77 (trendline), 0.7760 (Aug 11 high), 0.78, 0.7835 (Apr 21 high)
     
  • Focus now remains on the US CPI and Chinese GDP data in the upcoming sessions for clues on further direction.
     
  • Our previous call (http://www.econotimes.com/AUD-USD-hovers-around-076-handle-edges-lower-from-session-highs-at-07621-350374) is progressing.
     
  • Recommend holding for targets.
     
  • Market Data
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