AUD/USD spikes past 20-DMA at 0.7609, bias higher : FxWirePro | December 5, 2017

Aussie buoyed by upbeat data and hawkish RBA statement, drives AUD/USD 0.66% higher.

The pair spikes past 20-DMA at 0.7609, hits 3-week highs at 0.7653, bias higher.

Technical studies have turned bullish , RSI and Stochs are biased higher, bullish divergence on RSI and Stochs raises scope for upside.

The pair has held 100W SMA support and upside now hovers around 50W SMA at 0.7663.

Break above 0.7663 finds next major resistance at 200-DMA at 0.7691. Further upside on break above.

We see strong trendline support at 0.7535, and bullish invalidation only on break below.

Support levels - 0.7608 (20-DMA), 0.7598 (5-DMA), 0.7552 (100W SMA ), 0.7535 ( trendline )

Resistance levels - 0.7663 (50W SMA ), 0.7671 (23.6% Fib retrace of 0.81250 to 0.75320 fall), 0.7691 (200-DMA)

Good to go long on dips around 0.7630/40, SL: 0.7595, TP: 0.7665/ 0.7690/ 0.7730