Chart - Courtesy Trading View
Technical Analysis:
- AUD/USD was trading 0.80% higher on the day at 0.6966 at around 10:15 GMT
- The pair has retraced most of previous session's losses, retests 55-EMA and cloud resistance
- Bullish RSI divergence on the daily charts keeps scope for further upside
- Stochs are biased lower and RSI remains flatlined around 50 mark
- MACD supports upside, but ADX still favors weakness in the pair
Support levels:
S1: 0.6927 (21-EMA)
S2: 0.6904 (20-DMA)
Resistance levels:
R1: 0.6965 (55-EMA)
R2: 0.7049 (110-EMA)
Summary: AUD/USD pivotal at 55-EMA and daily cloud resistance. Watch out for decisive break above for upside continuation. Looking forward, focus will be on US inflation data, scheduled for publishing on Wednesday.
