FxWirePro: AUD/USD approaching channel top resistance, good to sell rallies

AUD/USD short covering pushes the pair above 0.72 handle, next resistance is seen at 0.7240.

• The pair is approaching channel top, we would recommend booking profits on our earlier call and shorting rallies to enter again
   
• 0.7240 is strong resistance area,  20-day MA comes in at 0.7239 while 50% of 0.7386/0.7097 at 0.7241
   
• There is no specific catalyst for the break higher, calm equity and commodity markets encouraging carry trades 
   
• Momentum is higher, AUD could see further gains, break above 0.7240 could see the pair at 0.7275 (61.8% Fib of 0.7385-0.7096 fall)
   

Recommendation: 

• Our previous call has achieved targets - we recommend booking full profits 
   
• Enter fresh shorts at 0.7225, SL: 0.7245, TP1: 0.7160, TP2: 0.71