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  |   Technicals


FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/USD was trading 0.33% lower on the day at 0.6620 at around 07:00 GMT

- The pair has failed to extend previous session's gains, remains capped below 5-DMA

- GMMA indicator shows major and minor trend are strongly bearish

- Price action is below major moving averages which are trending lower

- Momentum is strongly bearish, Stochs and RSI are sharply lower, ADX and MACD support downside in the pair

Major Support Levels: 

S1: 0.6599 (Lower BB)

S2: 0.6372 (May 2020 low)

Major Resistance Levels: 

R1: 0.6660 (5-DMA)

R2: 0.6754 (21-EMA)

Summary: AUD/USD was trading with a bearish bias. Focus on US PMI data for further impetus. Scope for test of fresh multi-month lows. 

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