- Commodity bounce and resilient global risk sentiment keeps upside in AUD/USD intact.
- The pair hit fresh 8-month highs at 0.7593 and has edged slightly lower to currently trade at 0.7584.
- Technicals support upside momentum in the pair, we see scope for test of 0.77 levels.
- The pair has broken strong resistance at 0.7532 (July 6th highs) and major moving averages are biased higher.
- Resistances on the upside are aligned at 0.76 (psychological level) and then 0.7611 (Apr 2nd high) and further ahead at 0.7648 (July 3rd high).
- On the downside supports are aligned at 0.7530 (trendline), 0.7502 (5-DMA) and then 0.7446 (Mar 11th lows).
- Risk events for the pair include: RBA Board’s Mar meeting (due Tue) and Feb labour force data (due Thu 17th Mar).
Recommendation: Good to buy dips around 0.7550, SL: 0.7450, TP: 0.76/0.7645/0.77
The material has been provided by InstaForex Company – www.instaforex.com