FxWirePro: AUD/USD holds 55-EMA support, RBA minutes eyed for direction

AUD/USD chart - Trading View 

Fundamental Overview:

AUD/USD traders await for the Reserve Bank of Australia (RBA) minutes for clear direction.

US dollar dented by the latest comments from Federal Reserve's Chairman Powell, supporting the pair higher.

Powell said that the central bank hasn't run out of ammunition yet and could do more if required.

Renewed friction between the United States and China over the virus outbreak could keep markets risk averse.

Technical Analysis:

AUD/USD was trading 0.50% higher on the day at 0.6445 at around 03:45 GMT.

The pair has held support at 55-EMA (0.6405), weakness only on break below. 

Technical indicators do not provide a clear directional bias. Major and minor trend have gone neutral.

Major trend on the weekly charts is still bearish. Dovish RBA minutes with break below 55-EMA will see weakness.

On the intraday charts, 200H MA is strong resistance, break above could provide immediate boost higher.

Major Support Levels: 0.6421 (21-EMA), 0.6405 (55-EMA), 0.6308 (Lower BB)

Major Resistance Levels: 0.6466 (200H MA), 0.6496 (110-EMA), 0.6571 (Upper BB)

Summary: Technical bias is not conclusive. Focus on RBA minutes for direction.