FxWirePro: AUD/USD holds 5-DMA support at 0.7680, weakness likely on break below

• AUD/USD trades a narrow range in the Asian session, hovers around the 0.77 handle.
   
• 5-DMA at 0.7680 is strong support, weakness likely on break below. 
   
• USD fails to benefit from upbeat data overnight, US dollar index slides again, falls to 1-week lows.
   
• Initial Jobless Claims clocked 239K 'a better than expected' figure against 245K consensus and slightly similar to 234K previous. 
   
• Building Permits Change made an interesting statement at 4.6% from previously revised figure 1.3%.
   
• Markets dampened post Trump's presser where he announced that tax reforms would have to wait until a replacement of the Affordable Care Act.
   
• We see bearish RSI divergence on daily charts. Break below 5-DMA will confirm weakness.
   

Support levels - 0.7651 (5-DMA), 0.7633 (session low), 0.7601 (20-DMA)

Resistance levels - 0.7688 (Feb 10 high), 0.7708 (88.6% Fib retrace of 0.7778 to 0.7160 fall), 0.7765 (Apr 26,27 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Bullish                Neutral       
1D          Bullish                Neutral        
1W         Bullish                Neutral 

Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-capped-below-major-trendline-resistance-at-07685-good-to-long-break-above-537684) has hit TP1.

Recommendation: Raise trailing stops to 0.7630. Hold for upside. 

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -127.601 (Highly bearish), while Hourly AUD Spot Index was at 137.724 (Highly bullish) at 0245 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.