FxWirePro: AUD/USD holds marginal gains, focus on US ISM PMI ahead of RBA
Chart - Courtesy Trading View
AUD/USD was trading 0.63% higher on the day at 0.6438 at around 09:50 GMT.
The pair snaps a two-day losing streak and holds gains above 0.64 handle.
GMMA indicator shows major and minor trend are bullish, major moving averages are biased lower.
Declining US Treasury bond yields, keeps the USD bulls on the defensive, supporting the pair higher.
Caution seen ahead of the key Reserve Bank of Australia policy decision on Tuesday.
Market participants also look forward to the US ISM Manufacturing PMI, due later during in the North American session.
Momentum is bearish, volatility is high and rising. MACD and ADX support downside in the pair.
Major Support Levels:
S1: 0.6360 (Lower BB)
Major Resistance Levels:
R1: 0.6459 (5-DMA)
R2: 0.6517 (200H MA)
Summary: AUD/USD trades with a bearish bias. Recovery lacks traction, major bias remains bearish. Break above 5-DMA could see more gains. Bearish invalidation only above 21-EMA.