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Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- AUD/USD was trading 0.33% lower on the day at 0.7111 at around 11:40 GMT.
- The pair was rejected at 21-EMA and daily cloud resistance, break above required for further upside
- Spinning top formation at cloud resistance raises scope for further downside
- GMMA indicator shows major and minor trend are bearish
- Momentum studies are bearish, Stochs and RSI are biased lower, RSI is below 50 mark
Support levels - 0.7098 (200H MA), 0.7086 (5-DMA), 0.7016 (Lower BB)
Resistance levels - 0.7144 (21-EMA), 0.7160 (20-DMA), 0.7190 (55-EMA)
Summary: AUD/USD rejection at 21-EMA and daily cloud has raised scope for weakness. Diminishing odds for a 50 bps Fed rate hike in March is likely to keep downside limited. Focus now on release of the ISM Services PMI for impetus.
