FXWIREPRO: AUD/USD Breaks Strong Trendline Resistance at 0.7595, Targets 0.77
- Upbeat Australian confidence gauge buoys Aussie bulls, AUD/USD extends gains above the 0.76 handle.
- Data released earlier today showed that NAB Business Confidence jumped to 6 vs 3 last, while the business conditions numbers for Mar hit fresh 8-year high, coming in at 12 vs 8 previously in Feb.
- AUD/USD broke strong trendline resistance at 0.7595, Technicals support further upside in the pair.
- Price action holds above the Ichi cloud on 2H charts, major moving averages are biased higher and RSI strength seen at 67 levels.
- Pair finds next major resistance at 0.7646 levels, breaks above will see test of 0.7680 and then 0.77 levels.
- On the downside supports are located at 0.76, 0.7588 (2H cloud top) and then 0.7585 (trendline resistance turned support).
- Focus now remains on the Chinese dataflow and Australian employment report due later this week for next direction.
- The pair will also track broader market sentiment as well as the oil price action.
Recommendation: Good to go long on dips around 0.7630, SL: 0.7580, TP: 0.7680/0.77/0.7720
The material has been provided by InstaForex Company - www.instaforex.com