FxWirePro: AUD/USD extends bearish consolidation around 55-EMA, focus on US NFP for impetus

AUD/USD chart - Trading View 

Spot Analysis:

AUD/USD was trading at 0.7396 at around 05:05 GMT

Session High/ Low: 0.7408/ 0.7378

Previous Week's High/ Low: 0.7555/ 0.7461

Previous Session's High/ Low: 0.7407/ 0.382

Technical Analysis: Bias Bearish

- AUD/USD snaps 5-weeks of gains and is on track to close in the red

- Price action was rejected at 200-DMA and is extending weakness

- Momentum is bearish, Stochs and RSI are sharply lower

- MACD confirms bearish crossover on signal line, 5-DMA is biased south

Fundamental Overview:

Investors digest the latest dovish Monetary Policy Statement from the Reserve Bank of Australia (RBA).

The RBA statement revealed that the central bank is prepared to be patient and will not raise rates until its criteria are met. 

The RBA added that “inflation to be between 2 and 3% on a sustainable basis.”

Focus now on the crucial US Non-Farm-Payrolls data for impetus. Caution ahead of the critical US NFP release weighs down on the Aussie.

Major Support Levels: 0.7393 (55-EMA), 0.7363 (50-DMA), 0.7331 (Lower BB)

Major Resistance Levels: 0.7421 (110-EMA), 0.7429 (21-EMA), 0.7448 (20-DMA)

Summary: AUD/USD trades with a bearish bias. 55-EMA is offering minor support. Breach below will drag the pair lower to 0.7330 levels.