AUD/USD chart - Trading View
AUD/USD fades the bounce to 0.7125, Aussie on the backfoot as risk-aversion intensifies,
The pair is tracking the moves in the S&P 500 futures, remains depressed amid escalating US-China tensions and negative action in the Asian equities.
Major Asian equity indices like Nikkei, Kospi, and Hang Seng are trading in the red on Friday, following overnight losses on Wall Street.
AUD/USD was trading 0.19% lower on the day at 0.7083 at around 04:20 GMT. Scope for dip till 200H SMA at 0.7036.
Technical studies show minor weakness on account of overbought oscillators.
However, major trend as evidenced by GMMA is bullish and pullbacks are likely to be shallow.
Any major weakness only below 200-DMA and daily cloud. Resumption of upside eyes 200W MA at 0.7261.
Major Support: 0.7036 (200H MA), 0.6993 (21-EMA)
Major Resistance: 0.7130 (Upper BB), 0.7261 (200W MA)
