AUD/USD breaks above 5-DMA, good to go long on dips

FX:AUDUSD   Australian Dollar/U.S. Dollar
290 0 4
AUD/USD             has broken above 5-DMA which was capping upside since Jan 5th, further gains upto 0.7161 (cloud base) likely on charts.

Strong support is seen at 0.6920/30 zone, pair has held trendline support to edge higher. Successive spinning top and Doji formed at lows suggests bears unable to take the pair lower.

Daily Stochs are showing a rollover from oversold levels and RSI has bounced off after hitting 30 levels, currently at 39 and points north.

Immediate support is located at 0.6995 (5-DMA), while the next hurdle on the upside is located at 0.7076 (Jan 8th highs).

We find it good to go long on dips around 0.70, SL: 0.6920, TP1: 0.7075, TP2: 0.7150

Resistance Levels:

R1: 0.7076 (Jan 8th highs)

R2: 0.7086 (Jan 7th highs)

R3: 0.7096 (10-DMA)

Support Levels:

S1: 0.6995 (5-DMA)

S2: 0.6974 (Session lows Jan 13)

S3: 0.6940 (Jan 12 lows)
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