AUD/USD is expected to hit the target of 0.7660. The pair keeps challenging the first upside target at 0.7660 after the overnight surge. The rising 20-period moving average, which is well above the 50-period one, is providing support, and the well-directed relative strength index suggests no lack of upward momentum. The next resistance above 0.7660 should be at 0.7680 (around the year-to-date high seen on March 18).
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7660 and the second one, at 0.7680. In the alternative scenario, a short position is recommended with the first target at 0.7535 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7510. The pivot point is at 0.7565.
Resistance levels: 0.7660, 0.7680, 0.7715
Support levels: 0.7535, 0.7510, 0.7475