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FxWirePro: Bullish divergence keeps scope for upside in AUD/USD, go long on break above 200-DMA

  • RBA's quarterly Statement on Monetary Policy (SOMP) showed the central bank concerned about the strength of the Aussie.
     
  • RBA revised up outlook for jobs growth, forecasts unemployment rate at 5.5 pct out to June 2019, 5.25 pct by Dec 2019.
     
  • AUD/USD slipped lower on dovish headlines, has erased losses to currently trade at 0.7684, up 0.1% on the day.
     
  • Broad-based USD weakness on concerns over corporate tax cuts delays support the pair higher, keep downside limited.
     
  • Technical studies have also turned slightly bullish for the pair. RSI biased higher and Stochs show rollover from oversold levels.
     
  • 200-DMA at 0.7697 is major resistance, breakout above to see further gains.
     
  • The major finds strong trendline support at 0.7635, we see weakness only on break below.

Support levels - 0.7673 (5-DMA), 0.7635 (trendline), 0.7625 (Oct 27 low), 0.7571 (July 5 low)

Resistance levels - 0.7697 (200-DMA), 0.7726 (50% Fib retrace of 0.7328 to 0.8125 rally), 0.7729 (20-DMA)

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 69.5271 (Neutral), while Hourly USD Spot Index was at -138.767 (Bearish) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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