FxWirePro: AUD/USD Trade Idea

FxWirePro Currency Strength Index for AUD/USD at 0540 GMT: Bias Bullish

FxWirePro's Hourly AUD Spot Index was at 91.4693 (Bullish)

FxWirePro's Hourly USD Spot Index was at -100.718 (Bearish)

Technical Analysis: Bias Bullish

- Price action has broken above strong resistance at 20-DMA

- Bullish divergence on RSI and Stochs

- Stochs have rollover from oversold levels and biased higher

- MACD line shows bullish crossover on signal line

- +ve DMI crossover on -ve DMI

Support levels - 0.7710 (20-DMA), 0.7699 (5-DMA), 0.7637 (78.6% Fib)

Resistance levels - 0.7743 (61.8% Fib), 0.7783 (100-DMA), 0.7798 (50-DMA), 0.7810 (200-DMA)

Recommendation: Good to go long on dips around 0.7715/25, SL: 0.7680, TP: 0.7745/ 0.7780/ 0.78

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