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FxWirePro: AUD/USD breaks major trendline resistance at 0.7715, good to go long on dips

Technical Studies:

  • AUD/USD has broken major trendline resistance at 0.7715, intraday bias higher.
     
  • The pair is extending bounce off daily cloud and is holding above all major moving averages.
     
  • We have evidenced a 'Golden cross' formation which taken along with other indicators adds to upside bias.
     
  • Technical studies are pointing to further upside in the pair, RSI strength seen at 61 levels.
     
  • MACD is showing a bullish crossover on signal line and Stochs are biased higher.

Fundamental Factors:

  • Official data on Saturday showed that China's property prices rose in February after having slowed in the past four months. 
     
  • New home prices were up 0.3 percent, compared to January's 0.2 percent increase. 
     
  • Meanwhile, property sales jumped 25.1 percent in January and February, the strongest annual growth in seven years.
     
  • Markets are digesting the outcome of the G20 meeting, where Finance ministers failed to agree on keeping global trade free and open.

Support levels - 0.7675 (5-DMA), 0.7603 (50-DMA), 0.7556 (cloud top)

Resistance levels - 0.7740 (Feb 23 high), 0.7778 (Nov 8, 2016 high), 0.78

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Bullish                Overbought       
1D          Bullish                Neutral        
1W         Neutral                Neutral      

Recommendation: Good to go long on dips around 0.7720, SL: 0.7675, TP: 0.7750/ 0.7775/ 0.78

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 101.446(Highly Bullish), while Hourly USD Spot Index was at -141.398 (Highly Bearish) at 0550 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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