Chart - Courtesy Trading View
Technical Analysis:
- AUD/USD was trading 0.32% lower on the day at 0.6705 at around 05:15 GMT
- The pair has snapped at 2-day downside and has edged above 110-EMA
- Price action consolidates above daily cloud, Chikou span is biased higher
- MACD and ADX support upside in the pair, momentum is bullish and volatility is high
- GMMA indicator shows major trend is turning bullish and minor trend is bullish
Major Support Levels:
S1: 0.6694 (110-EMA)
S2: 0.6566 (55-EMA)
Major Resistance Levels:
R1: 0.6716 (5-DMA)
R2: 0.6216 (Upper BB)
Summary: AUD/USD pivotal at 110-EMA and daily cloud support. Weakness only on break below. Resumption of upside will see test of fresh month high above 0.68 ahead of 200-DMA at 0.6945.
