FxWirePro: AUD/USD downside capped at 5-DMA, weakness only on break below

• AUD/USD hovers around 200-DMA at 0.7531, extends consolidation phase.
   
• Downside for now seems to be capped by 5-DMA at 0.7524, we see weakness on break below.
   
• Momentum indicators on weekly charts are biased higher, RSI and Stochs point north.
   
• On the daily charts, the pair has closed above 200-DMA at 0.7531 on Wednesday's trade, raising scope for upside.
   
• RSI on daily charts is strong at 61 levels and biased higher, while MACD supports trend higher.

Support levels - 0.7531 (200-DMA), 0.7525 (5-DMA), 0.7463 (20-DMA)

Resistance levels - 0.7586 (Apr 24 high), 0.76, 0.7660 (78.6% Fib of 0.7749 to 0.7328 fall)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-breaks-above-20-DMA-eyes-200-DMA-at-07531-741453) has hit TP1 & 2.

Recommendation: Stay long for next target at 0.76 levels. Violation there could see 0.7660.

FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at 48.2871 (Neutral), while Hourly USD Spot Index was at 29.2901 (Neutral) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.