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FxWirePro: AUD/USD trades above 5-DMA, risk-on buoys antipodeans

AUD/USD chart - Trading View 

AUD/USD was trading 0.45% higher on the day at 0.6572 at around 04:20 GMT, intraday bias is bullish.

Antipodeans buoyed after optimism rose about a potential coronavirus vaccine. Improved risk appetite driving gains in the pair.

Price action has edged above 5-DMA volatility is rising on the intraday charts. The pair has bounced off 21-EMA and 200H MA supports.

Uptrend in the pair remains intact as long as the pair holds above 21-EMA support. Resumption of upside will see test of 200-DMA at 0.6657.

Bearish divergence in RSI and Stochs is causing minor pullbacks. 110-EMA is immediate support at 0.6503. Break below 21-EMA will see more weakness.

Bulls target upper Bollinger band at 0.6612 ahead of 200-DMA at 0.6656. 200-DMA breakout will open upside in the pair.

Major Support Levels: 0.6503 (110-EMA), 0.6485 (21-EMA), 0.6437 (55-EMA)

Major Resistance Levels: 0.6612 (Upper BB), 0.6656 (200-DMA), 0.6708 (78.6% Fib)

Guidance: Good to stay long on dips, SL: 0.65, TP: 0.66/ 0.6650

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