FxWirePro: AUD/USD breaks major resistance at 0.7620, bias higher, stay long

• AUD/USD has broken above major resistance at 0.7620, bias higher.
   
• Aussie data released today showed continued improvement in the labor market.
   
• Australian annualised job vacancies rose 11.4%, the highest reading since 2010.
   
• The pair has currently retraced from above 78.6% Fib (0.7749 to 0.7328 fall) at 0.7659.
   
• Technical indicators support upside, RSI above 50, biased north with room to run.
   
• Scope for test of 88.6% Fib at 0.77 and further bullishness to take the pair to 0.7750 levels.
   

Support levels - 0.7615 (trendline), 0.7605 (5-DMA), 0.7588 (61.8% Fib)

Resistance levels - 0.7659 (78.6% Fib), 0.7701 (88.6% Fib), 0.7749 (Mar 21 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-hovers-around-1H-200-SMA-at-07580-good-to-go-long-on-break-above-773533) has hit TP1&2 and is approaching TP3.

Recommendation: Book partial profits at highs, raise trailing stops to 0.7615, target 0.7680/ 0.77/ 0.7750

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 8.8661 (Neutral), while Hourly USD Spot Index was at -47.2605 (Neutral) at 0515 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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