AUD/USD chart - Trading View
AUD/USD was trading in familiar ranges, price action being sandwiched between 55 and 110 EMAs.
The major was trading largely unchanged on the day at 0.7598 at around 05:45 GMT, with session high at 0.7618 and low at 0.7588.
Price action is struggling at 110 month EMA for the past 3 months and is extending downside for the 3rd consecutive week.
GMMA indicator has shown bearish shift in near-term moving averages. MACD and ADX support downside.
Break below 55-EMA will see further weakness. Next major support lies at 23.6% Fib at 0.7417 ahead of 200-DMA at 0.7376.
On the flipside, major resistance is seen in 0.7680 to 0.7690 range. Break above will negate any bearish bias.
