AUD/USD eyes 100-DMA at 0.7780, stay long on dips : FxWirePro | December 27, 2017

AUD/USD 0.23% is extending break above 200-DMA, intraday bias higher.

The pair has edged above 38.2% Fib retrace of 0.81250 to 0.75012 fall at 0.77395.

Technical studies support upside. Price action has pierced into daily cloud and momentum studies are highly bullish .

Next bull target lies at 0.7779 which is 100 day moving average. Violation there could see further gains.

200-DMA at 0.7692 is now strong support level and we see bullish invalidation on retrace below.

Support levels - 0.7710 (5-DMA), 0.7692 (200 DMA), 0.7648 (23.6% Fib retracement of 0.81250 to 0.75012 fall)

Resistance levels - 0.7780 (100-DMA), 0.78, 0.7813 (50% Fib), 0.7875 (Oct 4 high)

Good to go long on dips around 0.7730/40, SL: 0.7690, TP: 0.7780/ 0.78/ 0.7820