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Data released earlier on Wednesday showed Australian Q4 GDP print outpaced estimates and surprised markets to the upside, grew 0.6% in Q4 2015, beating forecasts of a 0.4% growth.
- Aussie caught a fresh bid-wave, extends its winning streak for the third straight session to take out the 0.72 handle.
- The ongoing risk-on rally in the Asian equities further supporting the pair, which is currently trading around 0.7230 levels.
- Series of resistances lined up in the 0.7245-50 region, break and close above could see further gains.
- 0.7181 (5-DMA) is strong support on the downside ahead of cloud top at 0.70, weakness only on break below 0.70.
- The following are the risk events lined up for this week which could impact the pair: US ADP report (Wed), Aus trade balance and the Chinese services PMI (Thur), Aus retail sales and US NFP (Fri).
Recommendation: Go long on breakout above 0.7250, target 0.73/0.7330/0.7385
