FxWirePro: AUD/USD tests major trendline resistance at 0.7985, breakout above could see further upside

• AUD/USD up 0.46% on the day, holding gains after RBA left the official cash rate (OCR) unchanged at a record low of 1.50%, as widely expected.
   
• The pair tests major trendline resistance at 0.7985, breakout above could see further upside.
   
• The Aussie remains well supported on the downside by strong commodity prices.
   
• Current Account Balance and Net Imports released earlier today suggests upside risks to tomorrow’s Q2 GDP release (due Wed).
   
• The major hits session highs at 0.7985 before paring gains to currently trade around 0.7975 levels.
   
• Bearish divergence on Stochs keeps scope for downside. Break below 20-DMA at 0.7913 could see weakness.

Support levels - 0.7945 (5-DMA), 0.7913 (20-DMA), 0.79 (rising trendline), 0.7891 (23.6% Fib of 0.80656 to 0.73285 fall)

Resistance levels - 0.7961 (weekly 200-SMA), 0.7995 (Aug 30 high), 0.7985 (trendline)

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 88.9078 (Slightly bullish), while Hourly USD Spot Index was at -39.2257 (Neutral) at 1050 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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