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FxWirePro: AUD/USD extends previous session's gains, breaks above 5-DMA

AUD/USD chart - Trading View 

AUD/USD was trading 0.22% higher on the day at 0.7083 at around 06:00 GMT.

The pair was extending previous session's gains and has broken above 5-DMA resistance.

Major trend in the pair is bullish and pullback has held strong support at 110-EMA.

Intraday charts show a slight shift in the pair's trend. Break above 200H MA at 0.7161 and turn in 5-DMA will carry forward to upside momentum.

Immediate hurdle on the upside lies at 55-EMA at 0.7141. Retrace above could see upside continuation.

Major resistance lies at 200W MA at 0.7243. Decisive break above will open further upside potential.

On the flipside, breach at 110-EMA support will drag prices lower. Scope then for dip till 200-DMA at 0.6773.

Support levels - 0.70 (110-EMA), 0.6773 (200-DMA)

Resistance levels - 0.7141 (55-EMA), 0.7218 (20-DMA)

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