Chart - Courtesy Trading View
Technical Analysis:
- AUD/USD was trading 0.33% lower on the day at 0.6620 at around 07:00 GMT
- The pair has failed to extend previous session's gains, remains capped below 5-DMA
- GMMA indicator shows major and minor trend are strongly bearish
- Price action is below major moving averages which are trending lower
- Momentum is strongly bearish, Stochs and RSI are sharply lower, ADX and MACD support downside in the pair
Major Support Levels:
S1: 0.6599 (Lower BB)
S2: 0.6372 (May 2020 low)
Major Resistance Levels:
R1: 0.6660 (5-DMA)
R2: 0.6754 (21-EMA)
Summary: AUD/USD was trading with a bearish bias. Focus on US PMI data for further impetus. Scope for test of fresh multi-month lows.
