Chart - Courtesy Trading View
AUD/USD was trading 0.13% lower on the day at 0.6693 at around 06:40 GMT.
The pair has erased early gains and bias remains bearish, scope for further weakness.
Momentum is with the bears, Stochs and RSI are sharply lower, RSI is well below 50.
GMMA indicator shows major and minor trend are strongly bearish. MACD and ADX support downside in the pair.
Price action is below cloud and Chikou span is biased lower. Major moving averages are biased lower.
Australian dollar fails to benefit from upbeat China data, focus on Michigan CSI and next week’s FOMC meeting for impetus.
Major Support Levels:
S1: 0.6681 (July 14 low)
S2: 0.6663 (Lower BB)
Major Resistance Levels:
R1: 0.6753 (5-DMA)
R2: 0.6770 (200H MA)
Summary: AUD/USD trades with a bearish bias. The pair is poised to test fresh yearly lows below 0.6681.
