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Long

AUD/USD extends gains above 0.71 handle, good to buy dips

FX:AUDUSD   Australian Dollar/U.S. Dollar
226 0 3
AUD/USD             is extending gains for the fourth consecutive session, pair currently at 0.7120, day's range 0.7068/0.7140.

Technicals indicate further upside for the pair, bias is higher, Stochs, RSI and MACD point north, gains upto 0.7250 likely.

Bid tone around the Aussie gathered pace after BoJ announced negative rates and hinted at more interest rate cuts if required.

The main data focus today will be the first estimate of US GDP in Q4, which is forecast to show a marked slowdown from annualised growth of 2.0% in the prior quarter.

Forecasts are for a reading of 0.8%. A reading which is better than the market forecast is bullish for the dollar.

We would buy dips in the pair around 0.7110/7120, SL: 0.7040, TP: 0.72/0.7250

Resistance Levels:

R1: 0.7160 (Nov 13 highs)

R2: 0.72 (Dec 18 highs & psychological level)

R3: 0.7250 (trendline resistance)

Support Levels:

S1: 0.7068 (session lows)

S2: 0.7040 (5-DMA)

S3: 0.70 (Jan 28th lows)
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