AUD/USD above 0.72 resistance, go long on breaks above 0.7225
AUD/USD has broken above the stiff 0.72 resistance and is currently trading at 0.7201, slightly lower that day's highs at 0.7224
Better-than-expected Chinese Services PMI data has boosted the Aussie, Australian retail sales also came in line with expectations at 0.4% for the month of September
Upside in the pair seems to be capped at 20 DMA by 0.7225, convincing break above could take the pair higher
Daily price action has edged above the cloud, Stochs and RSI point North, there is scope for further upside towards 200 DMA at 0.7281
Recommendation: Good to buy on break above 0.7225, SL: 0.7170, TP: 0.7280
Resistance Levels:
R1: 0.7225 (20 DMA)
R2: 0.7257 (Oct 27 high)
R3: 0.7281 (100 DMA)
Support Levels:
S1: 0.7182 (Daily Tenkan)
S2: 0.7178 (cloud base)
S3: 0.7150 (Oct 7 lows)
Better-than-expected Chinese Services PMI data has boosted the Aussie, Australian retail sales also came in line with expectations at 0.4% for the month of September
Upside in the pair seems to be capped at 20 DMA by 0.7225, convincing break above could take the pair higher
Daily price action has edged above the cloud, Stochs and RSI point North, there is scope for further upside towards 200 DMA at 0.7281
Recommendation: Good to buy on break above 0.7225, SL: 0.7170, TP: 0.7280
Resistance Levels:
R1: 0.7225 (20 DMA)
R2: 0.7257 (Oct 27 high)
R3: 0.7281 (100 DMA)
Support Levels:
S1: 0.7182 (Daily Tenkan)
S2: 0.7178 (cloud base)
S3: 0.7150 (Oct 7 lows)