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FxWirePro: AUD/USD tests 0.78 handle, outlook bullish

AUD/USD chart - Trading View 

Spot Analysis:

AUD/USD was trading 0.51% higher on the day at 0.7793 at around 05:50 GMT.

Previous session's High/Low:

Previous week's High/Low:

Technical Analysis: Bias Bullish

- Volatility is high and rising as evidenced by widening Bollinger bands

- GMMA indicator show short-term moving averages are strongly bullish

- Price action has edged above daily cloud, Chikou span is biased higher

- Momentum is bullish, Stochs and RSI are sharply higher

- MACD and ADX also support upside in the pair

Major Support and Resistance Levels:

Support levels - 0.7751 (5-DMA), 0.7691 (21-EMA), 0.7681 (55-EMA)

Resistance levels - 0.78 (Psychological mark), 0.7846 (Upper W BB), 0.79

Summary: Technical bias for the pair is bullish. Price action is on verge of break above stiff resistance at 110-month EMA. Scope for test of 0.7850 levels. Major bull target lies at 200-month MA at 0.8259.

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