AUD/USD above 200-DMA, buy dips, target 0.7450

FX:AUDUSD   Australian Dollar/U.S. Dollar
360 0 11
AUD/USD             rides the NFP wave, hit 3-week highs of 0.7368 before paring some gains to currently trade at 0.7330.

The pair has broken above 200-DMA at 0.7254 and trades with a majorly bullish bias despite weak MI inflation forecasts.

Data released earlier today showed Australia Melbourne Institute inflation reading came in at +1.0% y/y vs prior 1.5%. While m/m was at -0.2% vs +0.1% in the previous month.

Data will be a concern for the RBA which meets tomorrow to decide policy.

The RBA is widely expected to remain on hold considering the recent upbeat GDP data, while a dovish statement cannot be ruled out.

Focus now remains on Fed Chair Yellen’s speech for fresh take on the US interest rates policy.

Immediate resistance is 0.7368 (post NFP highs), break above can see upside till 0.74 and then 0.7450 (38.2% Fib).

On the downside 200-DMA at 0.7254 is major support, break below invalidates bullish bias, exposes downside to 0.7148 levels.

Good to buy dips around 0.7320, SL: 0.7250, TP: 0.7368/ 0.74/0.7450
Comment: AUD/USD tight range, traders wary heading into the RBA policy decision due shortly.

TP1 achieved, book partial profits, raise stops to 0.73, holds for upside. Break below 0.73 could drag the pair to 0.72 levels.
Trade closed: target reached: AUD/USD rejected at session highs by 0.7504, edges lower after poor Chinese CPI and PPI data dents Aussie bulls.

AUD/USD has broken below minor support at 0.7472 on the hourly charts, intraday bias lower.
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