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FxWirePro: AUD/USD finds stiff resistance at 200W MA, break above required for further gains

AUD/USD chart - Trading View 

AUD/USD finds major resistance at 200W MA, decisive break above required to carry upside momentum.

Upside in the pair was underpinned by risk on mood and ongoing USD under performance.

Analysis of GMMA indicator shows major and minor trend are strongly bullish. 

That said, 'Bearish Divergence' on RSI and Stochs raises scope for some pullbacks.

Price action is above major moving averages and bullish invalidation only below 200-DMA.

Resumption of upside and decisive break above 200W MA will see test of 78.6% Fib at 0.7573.

Major Support Levels: 

S1: 0.7158 (200H MA)

S2: 0.7095 (21-EMA)

S3: 0.6978 (50-DMA)

Major Resistance Levels: 

R1: 0.7257 (200W MA)

R2: 0.73 (Psychological mark)

R3: 0.7361 (Upper W BB)

Summary: The pair trades with a bullish bias. Decisive break above major hurdle at 200W MA at 0.7257 to buoy prices.

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