AUD/USD is extending break above 200-DMA, intraday bias higher. The pair has edged above 38.2% Fib retrace of 0.81250 to 0.75012 fall at 0.77395. Technical studies support upside. Price action has pierced into daily cloud and momentum studies are highly bullish. Next bull target lies at 0.7779 which is 100 day moving average. Violation there could see further gains. 200-DMA at 0.7692 is now strong support level and we see bullish invalidation on retrace below.
Support levels - 0.7710 (5-DMA), 0.7692 (200 DMA), 0.7648 (23.6% Fib retracement of 0.81250 to 0.75012 fall) Resistance levels - 0.7780 (100-DMA), 0.78, 0.7813 (50% Fib), 0.7875 (Oct 4 high)
Good to go long on dips around 0.7730/40, SL: 0.7690, TP: 0.7780/ 0.78/ 0.7820
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Approaching TP1.
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Hits 0.78 handle. Bias higher.
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All targets hit. Book partial profits. Trail stop loss to 0.7780
AUD/USD closed above 100-DMA at 0.7778 on Thursday's trade. We see weakness only on retrace below. The pair trades with a strong bullish momentum which keeps scope for further upside. Next major bull target lies at 0.7862 200W SMA. Violation there eyes 61.8% Fib retracement at 0.7886.
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AUD/USD tests 200W SMA at 0.7856, further upside only on decisive break above.