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Chart - Courtesy Trading View
- AUD/USD was trading largely rangebound on the day with session high and low at 0.7281 and 0.7267 respectively.
- The major was consolidating break below daily cloud, outlook remains bearish.
- With little in the economic docket for Australia, price action will remain influenced by USD dynamics and risk sentiment.
- Data released overnight showed US Initial Jobless Claims printed at 268K citizens, more than the 260K foreseen by analysts.
- Fedspeak, inflation talks and Evergrande updates will be the key to watch for fresh direction.
Summary:
Technical analysis suggests more bearish moves for the pair. Price action is currently holding support at major trendline at 0.7255. Break below will see further downside. Next major support aligns at 200-week MA at 0.7198. Break below will plummet prices.
