FxWirePro: AUD/USD extends gains, eyes 21-EMA on broad-based USD weakness

AUD/USD chart - Trading View 

AUD/USD extends upside for the 6th straight session, intraday bias higher.

The pair was trading 0.77% higher on the day at 0.6103 at 06:25 GMT, after closing 1.71% higher i the previous session.

The pair largely ignored the record drop in China’s Industrial Profits and was benefited from the broad US dollar weakness and slightly improved risk-tone.

Data released earlier today showed China’s Industrial Profits fell 38.3% YoY, for January-February. 

AUD/USD technical bias has turned slightly positive for the near-term. 5-DMA, RSI and Stochs are biased higher.

MACD is on verge of a bullish crossover on signal line. The pair is on track to test 21-EMA at 0.6173. 

Traders will focus on the political plays as well as coronavirus data for near-term direction. US Michigan Consumer Sentiment may offer additional volatility.

Support levels - 0.5977 (5-DMA), 0.5906 (200H MA)

Resistance levels - 0.6173 (21-EMA), 0.6269 (50% Fib)