AUD/USD chart - Trading View
- AUD/USD extends gains for the 2nd straight session, trades marginally higher at 0.7119 at 0340 GMT.
- The pair hovers around 55-EMA resistance currently at 0.7119, decisive break above to see further gains.
- Upside remains supported by risk-on rally in Asian equities and broad-based US dollar weakness.
- Major trend is bearish. Break above 55-EMA eyes next major resistance at 110-EMA at 0.7159.
- Decisive breakout above 110-EMA and daily cloud targets 200-DMA at 0.7214.
- On the downside, immediate support is seen at 5-DMA at 0.7107. Break below 21-EMA could see further weakness.
Support levels - 0.7107 (5-DMA), 0.7098 (21-EMA), 0.7050 (cloud base)
Resistance levels - 0.7119 (55-EMA), 0.7159 (110-EMA), 0.7214 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.