Chart - Courtesy Trading View
AUD/USD was trading rangebound at 0.7440 at around 07:20 GMT, after closing 1.04% higher in the previous session.
The pair is consolidating bounce off 50-DMA support, holds break above 5-DMA.
Hawkish shift in the forward guidance by the Reserve Bank of Australia (RBA), keeps the sentiment around the AUD buoyed.
Cautious seen in the market ahead of the speeches by the key global central bankers, including Fed Chair Jerome Powell to confirm the recently increased hawkishness.
On the data front, focus is on the Philly Fed Manufacturing Index and Weekly Initial Jobless Claims for impetus.
Technical analysis shows major trend is bullish, while minor trend is turning bullish on the daily charts.
Major Support Levels:
S1: 0.7427 (21-EMA)
S2: 0.7400 (5-DMA)
Major Resistance Levels:
R1: 0.7464 (20-DMA)
R2: 0.75
Summary: AUD/USD poised for further upside. 20-DMA is immediate resistance at 0.7464. Watch out for break above for upside continuation.
