AUD/USD chart - Trading View
AUD/USD closed below 55-EMA support on Monday's trade, leaving the pair vulnerable to further downside.
The major was trading 0.15% higher on the day at 0.7658 at around 04:45 GMT, up from session lows at 0.7621.
The Australian dollar picked up some traction following upbeat National Australia Bank (NAB)Business Confidence and Conditions data.
NAB’s Business Conditions and Business Confidence both crossed prior figures of 7 and 10 respectively with 15 and 16, in that order, during February.
Further risk-on boosted after US 10-year Treasury yields drop, snapping the four-day winning streak. Also S&P 500 Futures print 0.67% intraday gains to 3,845.
Upbeat data and rising risk appetite keep downside in the pair limited. The pair is struggling to get past 110 month EMA from the past 3 months.
Price action is seeing a gradual grind lower from the past 3 weeks. Strong U.S. dollar adds to downside pressure. Break below daily cloud will plummet prices.
