AUD/USD chart - Trading View
Spot Analysis:
AUD/USD was trading 0.12% lower on the day at 0.7745 at around 05:35 GMT.
Previous Session's High/ Low: 0.7765/ 0.7726
Previous Week's High/ Low: 0.7773/ 0.7645
Fundamental Overview:
A broad US dollar bounce keeps downside pressure in the pair.
Mixed Australian NAB Business Survey fails to impress Aussie bulls.
National Australia Bank's index of business conditions climbed 5 points to +37 in May, after jumping 8 points in April.
Sentiment sour as China moves forward with law aimed at countering US sanctions.
Focus shifts to US CPI due Thursday for impetus.
Technical Analysis:
AUD/USD trades with a neutral bias.
Price action is extending sideways grind along 55-EMA support.
Stochs are biased higher and RSI is above 50 mark.
The pair is capped within daily cloud, breakout will provide clear direction.
Summary: AUD/USD extends range trade above 55-EMA. Watchout for break out of daily cloud for further direction.
