AUD/USD chart - Trading View
AUD/USD was extending rangebound trade on the day with session high at 0.6895 and low at 0.6861.
The pair holds support at channel base support. Technical bias favours downside, break below channel will plummet prices.
US trade tussles with China, the European Union (EU) and the UK keep sentiment sour, weighing on the antipodeans.
An increase in the US coronavirus (COVID-19) cases seems to exert downside pressure on the USD, capping downside.
Focus on the US Michigan Consumer Sentiment Index and Personal Consumption Expenditure and Personal Income details due in the US session.
Break below channel base will see dip till 200-DMA at 0.6664. Violation at 200-DMA will open downside.
Analysis of the GMMA indicator shows major trend is still bullish. Bounce off channel base support and retrace above 20-DMA will negate bearish bias.
Major Support : 0.6860 (Channel base)
Major Resistance : 0.6903 (20-DMA)
