AUD/USD breaks major resistance at 0.7655, good to long dips

FX:AUDUSD   Australian Dollar / U.S. Dollar
308 1 12
Aussie recovers amid a recovery in the risk sentiment which supported demand for higher-yielding currencies.

Stronger Chinese industrial profits data also lends support. China’s industrial profits spiked 19.5% y/y in Aug versus +11% last.

AUD/USD             edges higher from session lows at 0.7611, retakes 5-DMA at 0.7636 and is currently hovering around 0.7664 levels.

The pair has broken major trendline resistance at 0.7655 and we see scope for further upside.

Technical indicators are biased north on the daily charts , RSI is strong at 58 levels with scope for further upside.

Price action has edged above daily cloud, stochs are biased north.

Major support levels - 0.7637 (5-DMA), 0.7631 (cloud top), 0.76, 0.7576 (20-DMA)

Major resistance levels - 0.7675 (Sept 22 high), 0.77, 0.7760 (Aug 11 high)

Good to go long on dips, SL: 0.76, TP: 0.7675/ 0.77/ 0.7760
Comment: AUD/USD takes out 0.77 handle post-OPEC deal.

Some profit booking after pair hits 3-week highs at 0.7710.

Book partial profits. Strong trendline support at 0.7660.

Weakness only on break below.
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