Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.30% higher on the day at 0.7533 at around 06:35 GMT
Previous Week's High/ Low: 0.7417/ 0.7165
Previous Session's High/ Low: 0.7527/ 0.7466
Fundamental Overview:
The Australian dollar extends gains for the second straight week amid rising iron ore prices.
US Pending Home Sales for February will be in focus along with headlines from Ukraine which will be the key amid the European leaders' meet.
Technical Analysis:
- GMMA indicator shows major and minor trend are bullish
- Price action has broken above weekly cloud
- Momentum is bullish, volatility is high
- MACD and ADX support further gains
Major Support and Resistance Levels:
Support - 0.75 (Weekly cloud top), Resistance - 0.7633 (110-month EMA)
Summary: AUD/USD trades with a bullish bias. Scope for test of 0.7630. Failure to close above weekly cloud will dent upside.
