Chart - Courtesy Trading View
AUD/USD was trading 0.19% lower on the day at 0.6675 at around 05:40 GMT. The pair has refreshed 2-year lows and is poised for further downside.
Caution prevails ahead of FOMC policy meeting due later in the day at 1800 GMT.
Anticipation of an upcoming rate hike supporting the dollar, while concerns over slowing economic growth keep upside in check.
Technical bias is bearish. MACD and ADX support downside, price action is below cloud, Chikou span is biased lower.
Momentum is with the bears, stochs and RSI are sharply lower, RSI well below 50 mark.
GMMA indicator shows major and minor trend are strongly bearish, major moving averages are trending lower.
Major Support Levels:
S1: 0.6631 (Lower BB)
S2: 0.66
Major Resistance Levels:
R1: 0.6702 (5-DMA)
R2: 0.6786 (21-EMA)
Summary: AUD/USD trades with a bearish bias. The pair is poised to test fresh multi-year lows. Bearish invalidation only above daily cloud.
