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Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.16% lower on the day at 0.7386 at around 06:00 GMT
Previous Week's High/ Low: 0.7424/ 0.7165
Previous Session's High/ Low: 0.7424/ 0.7373
Fundamental Overview:
Firmer US Treasury yields and risk-off mood keep the US dollar bid across the board.
RBA’s Lowe has mentioned that the policymakers are keeping an eye on the labor market for signs of rising costs.
Lowe highlighted the Fed-RBA policy divergence and noted that the RBA won't respond until there is evidence of pervasive price pressures.
Technical Analysis:
- AUD/USD slips lower on the day after RBA Lowe's comments
- Doji formation on the previous day's candle dents upside
- Momentum is still bullish, 5-DMA is biased higher
- Chikou span has turned and GMMA indicator shows minor trend has gone neutral on the intraday charts
Major Support and Resistance Levels:
Support - 0.7311 (200H MA), Resistance - 0.7440 (Upper BB)
Summary: AUD/USD technical bias remains bullish. Weekly cloud offers stiff resistance. Break into weekly cloud will see upside continuation. On the flipside, retrace below 200H MA will negate near-term bullishness.
