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 .
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 and we see 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
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.