Chart - Courtesy Trading View
AUD/USD was trading 0.41% higher on the day at 0.6965 at around 04:45 GMT, outlook still bearish.
The pair has trimmed some of the previous session's losses, but recovery lacks traction.
DXY is underperforming despite the hawkish comments from Federal Reserve (Fed) policymakers.
Technical bias for the pair is bearish. Price action is below major moving averages which are trending lower.
MACD and ADX supports weakness in the pair. GMMA indicator shows major and minor trend are bearish.
Focus will now remain on the Purchase Managers Index (PMI numbers from the US for further impetus.
US Services PMI is seen extremely lower at 49.1 against the prior print of 53.2. While US Manufacturing PMI is expected to slip to 54.7 from the former figure of 55.7.
Major Support Levels:
S1: 0.6878 (Lower BB)
S2: 0.6850 (June 14 low)
Major Resistance Levels:
R1: 0.7026 (200H MA)
R2: 0.7059 (21-EMA)
Summary: AUD/USD recovery attempts lack traction. Scope for downside resumption. Bullish continuation only above 21-EMA.
