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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
