Long AUD/USD dips, target 20-DMA at 0.7563

FX:AUDUSD   Australian Dollar/U.S. Dollar
293 0 9
AUD/USD             closed the bearish gap open and has bounced higher.

Aussie bid on Australian Treasurer Morrison's comments, 100-DMA offers strong support on the downside.

Morrison announced a new MoU between the govt and RBA, which states that now is not the time for major changes to RBA accord.

The major has taken out 23.6% Fib (0.7760 to 0.7442 fall) at 0.7517 and is on track to test 20-DMA at 0.7563.

Technical indicators on daily charts have turned slightly bullish . RSI is biased higher while Stochs has shown a rollover from oversold region.

Major support levels - 0.75, 0.7477 (100-DMA), 0.7455 ( trendline ), 0.74 (200-DMA)

Major resistance levels - 0.7539 (session high), 0.7556 (10-DMA), 0.7563 (38.2% Fib & 20-DMA)

Good to go long on dips around 0.75/0.7510, SL: 0.7450, TP: 0.7563/ 0.76
Comment: Targets hit.

Focus on Fed policy meet for further direction.

Close above 20-DMA to see 0.7680/ 0.7720
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