FxWirePro: AUD/USD extends gains for the 4th straight session, close above 200-DMA raises scope for upside resumption
AUD/USD chart - Trading View
AUD/USD was trading 0.06% higher on the day at 0.7576 at around 04:45 GMT.
The pair is extending gains for the 4th consecutive session, consolidates break above major hurdle at 200-DMA.
Technical indicators are turning bullish. Stochs and RSI have rolled over from oversold levels and are biased higher.
US Dollar Index (DXY) holds marginal gains, tracking the treasury yields, capping upside in the pair.
Ongoing concerns over Delta and Delta plus covid variants dents risk appetite and also limit gains in the antipodeans.
Mixed comments from Fed’s official on inflation and interest rates outlook affects the greenback movement.
Focus now on US Durable Goods Orders, Gross Domestic Product (GDP), and Initial Jobless Claim data for impetus.
200H MA is immediate resistance at 0.7600, Decisive break above will fuel further upside. Bullish continuation only above 21W EMA at 0.7650.
Major Support Levels:
S1: 0.7554 (200-DMA)
S2: 0.75 (Psychological mark)
S3: 0.7448 (55W EMA)
Major Resistance Levels:
R1: 0.7600 (200H MA)
R2: 0.7619 (38.2% Fib)
R3: 0.7650 (21W EMA)
Summary: AUD/USD close above 200-DMA on Wednesday's trade has raised scope for further upside. Break above 21W EMA at 0.7650 will ensure bullish continuation.