FxWirePro: AUD/USD comatose around 55-EMA resistance, focus on RBA meeting minutes for direction

AUD/USD chart - Trading View 

AUD/USD was trading in tight ranges, comatose around 55-EMA resistance.

The major was trading at 0.6359 at around 07:45 GMT, with session high at 0.6367 and low at 0.6336.

55-EMA is proving a tough resistance to break. Near-term uptrend as evidenced by GMMA fading out at 55-EMA resistance.

The People’s Bank of China’s (PBOC) rate cut announcement failed to help the Aussie, which continued sideways grind.

The PBOC cut one and five-year loan prime rates to 3.85% and 4.65% respectively from a prior of 4.05% and 4.75%.

Volatility is shrinking and oscillators are on verge of rollover from overbought levels.

Rejection at 55-EMA and retrace below 21-EMA support (currently at 0.6260) will see more weakness.

With lack of major data/events on the day (except for Chicago Fed National Activity Index), focus will be on the virus updates for fresh impulse.

Reserve Bank of Australia (RBA) meeting minutes followed by RBA Governor Phillip Lowe's speech due Tuesday will be watched for cues.