FxWirePro: AUD/USD extends gains for the 4th straight session, breaks above 55-EMA as Aussie tracks equities higher
AUD/USD chart - Trading View
AUD/USD was extending a 4-day winning streak, was trading 0.20% higher at 0.7175 at around 04:20 GMT.
The pair is following an uptick in equities prices. US equities were buoyed by stronger than expected economic data out of the US.
Positive sentiment seen on increased hopes that US lawmakers would soon agree to a long-awaited fiscal stimulus package.
On the data front, focus will be on US initial jobless claims data which is expected to remain elevated.
AUD/USD has broken above 55-EMA and is testing resistance at 21-EMA. The pair is on verge of a cloud breakout which will then buoy bullish price action.
Next major hurdle aligns at 200W MA at 0.7244. Decisive break above will see upside resumption.
Support levels - 0.7145 (55-EMA), 0.7111 (5-DMA)
Resistance levels - 0.7181 (21-EMA), 0.7207 (20-DMA)