- AUD/CHF has shown a breakout above daily cloud, Aussie buoyed by upbeat trade balance data.
- Australia Trade Balance data came in at 1.527 billion surplus, compared to previous $825 million and beating estimates for a final reading of $650 million.
- RBA Monetary Policy Statement (Friday) in focus now. Traders will be listening in to see if the RBA can shake their recent dovish tones.
- The pair is trading 0.36% higher on the day, currently at 0.7511 levels.
- Technical studies are bullish, RSI and Stochs are biased higher, scope for further upside.
- Next major resistance seen at 200-DMA at 0.7541, further upside likely on break above.
- On the flipside, daily cloud offers strong support at 0.7479, weakness only on close below.
Support levels - 0.7479 (cloud base), 0.7482 (5-DMA), 0.7416 (Apr 24 low)
Resistance levels - 0.7541 (200-DMA), 0.7567 (Apr 19 high), 0.76
Recommendation: Good to go long on dips around 0.75, SL: 0.7460, TP: 0.7540/ 0.7570/ 0.76
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