Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.14% higher on the day at 0.7105 at around 05:50 GMT
Previous Week's High/ Low: 0.7250/ 0.7054
Previous Session's High/ Low: 0.7147/ 0.7045
Fundamental Overview:
Trading is likely to remain muted ahead of the Fed’s monetary policy meeting. Pre-Fed trading lul likely to keep upside limited.
Market sentiment remains mildly positive amid expectations of no unexpected negatives from the Fed.
Australia’s Retail Sales for March rose past 0.6% market consensus to 1.6%, versus 1.8% prior.
Australia’s S&P Global Services and Composite PMIs eased below the previous readouts of 56.2 and 56.6 to 55.9 and 56.1 respectively.
Technical Analysis:
- AUD/USD is extending gains for the second straight session
- Price action is above 5-DMA and is just shy of 200H MA
- RSI confirms bullish rollover from oversold levels, but momentum is bearish
- GMMA indicator shows major and minor trend are bearish
Major Support and Resistance Levels:
Support - 0.7080 (5-DMA), Resistance - 0.7143 (200H MA)
Summary: AUD/USD upside likely to be limited. Major trend remains bearish. Retrace above 200-DMA required for bearish invalidation.
