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FxWirePro: AUD/USD capped below major trendline resistance at 0.7470, bias higher

  • AUD/USD was rejected at major trendline resistance at 0.7470.
     
  • The pair has retraced most of the day's gains and is currently trading around 0.7431 levels.
     
  • Technical studies are still biased higher. RSI and Stochs point north while MACD shows a bullish crossover on signal line.
     
  • Downside is currently holding above 0.74 handle, close below 5-DMA at 0.7424 could see reversal upto 0.7355 levels.
     
  • On the flipside, break above trendline resistance at 0.7470 could see resumption of upside in 'Bullish Bat Pattern'.
     
  • Scope then for test of 200-DMA at 0.7542 and then 61.8% Fib at 0.7588.

Support levels - 0.7428 (23.6% Fib), 0.7425 (5-DMA), 0.7350 (trendline)

Resistance levels - 0.7470 (trendline), 0.7490 (38.2% Fib and trendline), 0.75

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-forms-Bullish-Bat-Pattern-good-to-go-long-on-dips-700271) has hit TP1 & 2.

Recommendation: Hold for upside on break above 0.7470.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -66.5668 (Neutral), while Hourly USD Spot Index was at -68.8593 (Neutral) at 1130 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

 

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