AUD/USD above 0.72 resistance, go long on breaks above 0.7225

FX:AUDUSD   Australian Dollar/U.S. Dollar
432 0 4
AUD/USD             has broken above the stiff 0.72 resistance and is currently trading at 0.7201, slightly lower that day's highs at 0.7224

Better-than-expected Chinese Services PMI data has boosted the Aussie, Australian retail sales also came in line with expectations at 0.4% for the month of September

Upside in the pair seems to be capped at 20 DMA by 0.7225, convincing break above could take the pair higher

Daily price action has edged above the cloud, Stochs and RSI point North, there is scope for further upside towards 200 DMA at 0.7281

Recommendation: Good to buy on break above 0.7225, SL: 0.7170, TP: 0.7280

Resistance Levels:

R1: 0.7225 (20 DMA)

R2: 0.7257 ( Oct             27 high)

R3: 0.7281 (100 DMA)

Support Levels:

S1: 0.7182 (Daily Tenkan)

S2: 0.7178 (cloud base)

S3: 0.7150 ( Oct             7 lows)
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