FxWirePro: AUD/USD on verge of channel breakout, scope for test of 0.72

AUD/USD chart - Trading View 

• AUD/USD is trading 0.16% higher on the day at 0.7137 at 0500 GMT, bias higher.
   
• The pair is trading in a 'Downward Sloping Channel' and is on verge of breakout at channel top.
   
• Technical indicators are biased higher. Stochs and RSI shows bullish momentum.
   
• Immediate resistance is seen at 110-EMA at 0.7150. Decisive break above targets 0.72 (200-DMA).
   
• Major trend is bearish. We recommend going short on upticks. Break above 200-DMA negates bearish bias.
   
• The pair finds immediate support at 5-DMA (0.7117). Break below 0.71 (20-DMA) confirms further downside.

Support levels - 0.7117 (5-DMA), 0.71 (20-DMA), 0.7052 (Apr 2 low)

Resistance levels - 0.7150 (110-EMA), 0.7168 (Mar 21 high), 0.72 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.