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Long

AUDUSD holds above trendline resistance;gains till 0.7380 likely

FX:AUDUSD   Australian Dollar/U.S. Dollar
368 0 1
Bull signs in AUD/USD             upped after the pair breaks and holds above trendline resistance and makes new trend high, 10-DMA exerts bull influence and RSIs are biased up with room to run

In the Asian session, AUD/USD             was largely rangebound, trading at 0.7331 at the time of writing, down from 0.7386 high on Friday (a level not seen since August)

Strong support is seen on the downside at 0.7277 (converging 10 DMA and Tenkan-Sen). On the flipside, minor resistance is located at 0.7342 ( Dec             2 highs) ahead of 0.7362 (Doudle top Dec             3 & Oct             15).

This week, the focus will be on Australia's job report, a slew of Chinese data and the Reserve Bank of New Zealand's (RBNZ) rate review for further direction in the pair

Recommendation: We would go long any dips to 0.73 levels, SL: 0.7260, TP1: 0.7380, TP2: 0.74

Resistance Levels:

R1: 0.7386 (Session high Dec             4, 38.2 % Fib of 0.8162-0.6907 fall)

R2: 0.7409 (Daily High Aug 13)

R3: 0.7440 (Highs Jul 22, Aug 11)

Support Levels:

S1: 0.7322 (Hourly low Dec             4)

S2: 0.7280 (Session low Dec             4)

S3: 0.7269 (10 DMA)
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