- AUD/USD struggling to break above major trendline resistance at 0.7685.
- Upside bias still intact on AUD/USD daily charts, breakout above likely to test 0.7778 (Nov 8 high).
- 20-DMA at 0.7601 is strong support on the downside, we see weakness only on break below.
- Technical indicators are bullishly aligned. Stochs are biased higher, RSI strong at 63.
Support levels - 0.7651 (5-DMA), 0.7633 (session low), 0.7601 (20-DMA)
Resistance levels - 0.7688 (Feb 10 high), 0.7708 (88.6% Fib retrace of 0.7778 to 0.7160 fall), 0.7765 (Apr 26,27 high)
TIME TREND INDEX OB/OS INDEX
1H Bullish Neutral
4H Bullish Neutral
1D Bullish Neutral
1W Bullish Neutral
Recommendation: Good to go long on breakout above 0.7685, SL: 0.76, TP: 0.7710/ 0.7765/ 0.7780.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 41.6082(Bearish), while Hourly USD Spot Index was at -22.3813 (Neutral) at 0425 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
