AUD/USD chart - Trading View
AUD/USD trades in an extremely narrow range, hovers around 5-DMA at 0.6978.
The major fails to benefit from increased odds of Fed rate cut bets and positive risk sentiment.
Bulls exhausted at 55-EMA resistance. Stochs are at overbought levels and poised for a rollover.
Stochastics RSI has also approached overbought zone and has turned lower.
Major trend is bearish and volatility is shrinking. Scope for downside resumption.
21-EMA is immediate support at 0.6956. Break below will see weakness till 0.6825 (trendline).
Breakout at 55-EMA will see some upside. Next major hurdle lies at 38.2% Fib at 0.7029.
Focus on NFP (due 12:30 GMT). An above-forecast wage growth number will likely put a strong bid under the greenback, supporting downside in the pair.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
