FxWirePro: AUD/USD extends range trade, 55-EMA offers stiff resistance

AUD/USD chart - Trading View 

AUD/USD is extending range trade for a second straight session, with session highs at 0.6357 and lows at 0.6325.

The pair was trading 0.27% lower at 0.6334 at around 06:00 GMT after closing 0.21% higher in the previous session.

GMMA shows near-term bias for the pair is bullish, while major bias is neutral. Stochs and RSI support upside.

Price action is currently struggling at 55-EMA resistance. Break above will fuel further gains in the pair. 

Australian markets remain closed on account of Easter Monday. With no major economic data, markets focus will be on virus updates for direction.

On the data front, Chinese trade data, Thursday’s Aussie jobs report along with Friday’s China GDP, Retail Sales and Industrial Production data will be watched.

Support levels - 0.6284 (5-DMA), 0.6250 (110H EMA), 0.6195 (21 EMA)

Resistance levels - 0.6361 (55-EMA), 0.6419 (Upper BB), 0.6455 (61.8% Fib)

Guidance: Watch out for break above 55-EMA to go long, SL: 0.6280, TP: 0.64/ 0.6450