FxWirePro: AUD/USD extends bullish streak for the 5th straight session, focus on US PCE inflation data

AUD/USD chart - Trading View 

• AUD/USD was trading 0.20% higher on the day at 0.7597 at around 08:30 GMT, extending bullish streak for the 5th straight session.
   
• US dollar remains on the defensive amid mixed signals from the Fed officials and weak economic data, pushing the pair higher.
   
• Data released overnight showed US Weekly Initial Jobless Claims fell to 411K. The reading is well above 200K levels before the coronavirus pandemic.  
   
• The US Goods Trade Deficit widened to $88.1 billion in May, from $85.7 billion in April. While, US Gross Domestic Growth (GDP) remained unchanged at 6.4%.
   
• Further, risk-on sentiment dulls the dollar’s safe-haven appeal while lifting the higher-yielding currencies like the Aussie.
   
• Price action has retraced dip below 200-DMA and has edged above 200H MA, scope for further gains.

Summary:

Major trend remains neutral on the daily charts, while it is bullish on the intraday charts. AUD/USD eyes 21-EMA at 0.7640. Break above daily cloud required for upside continuation.