Chart - Courtesy Trading View
Technical Outlook: Bias Bearish
- AUD/USD was trading 0.25% higher on the day at 0.7365 at around 10:40 GMT
- The pair has held support at 50 and edged higher, break below will drag the pair lower
- Recovery attempts remain capped at 5-DMA which is sharply lower
- RSI is below the 50 mark, Stochs are biased lower, momentum is strongly bearish
- 'Golden Cross' (bullish 50-DMA crossover on 200-DMA) cushions downside
Support levels - 0.7342 (50-DMA), 0.7320 (110-EMA), 0.7293 (200-DMA)
Resistance levels - 0.7393 (5-DMA), 0.7423 (21-EMA), 0.7470 (20-DMA)
Summary: AUD/USD trades with a bearish bias. Watch out for break below 50-DMA for further weakness. Dip till 200-DMA at 0.7293 likely.
