AUD/USD chart on Trading View used for analysis
AUD/USD trades in a narrow range in the Asian session. Souring risk sentiment weighing on the antipodeans. The pair tested 0.7150 before paring some losses to trade at 0.7163 at 0340 GMT.
Markets look forward to Powell's speech at the beginning of the Fed Chair’s two-day testimony and further clarification on the US-China trade deal for further direction.
Technical studies are neutral to slightly bullish on the daily charts. RSI above 50, Stochs are biased higher. Pair is holding strong support at 20-DMA.
Breach at 20-DMA support at 0.7150 will see weakness till daily cloud. Break below cloud to accentuate weakness.
On the flipside, 55-EMA at 0.7191 is immediate resistance. Break above will see test of 200-DMA at 0.7263.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
