FxWirePro: AUD/USD extends range trade, back-to-back dojis shows inability of bulls to drive prices higher

AUD/USD chart - Trading View 

AUD/USD was extending range trade for 5th straight session, bias turning bearish on the intraday charts.

Australia’s Consumer Inflation Expectations for November beat forecasts to print at 3.5%, forecast 3.2% versus 3.4% prior. Aussie largely unimpressed. 

Focus now on the US Consumer Price Index (CPI) and Weekly Jobless Claims due later in the U.S. session for impetus. 

The pair has formed back-to-back dojis on the daily charts suggesting shows inability of bulls to drive prices higher.

RSI has turned flat on the daily charts. Further, a bearish RSI divergence on the hourly charts raises scope for some weakness. 

The pair finds strong support at daily cloud at 0.7209. Break below cloud will see downside resumption.

Support levels - 0.7239 (200W MA), 0.7185 (21-EMA), 0.7147 (20-DMA)

Resistance levels - 0.7279 (55H MA), 0.73, 0.7333 (Upper BB)

Summary: Bulls struggling to take the pair higher. Price is extending sideways above daily cloud. Retrace below cloud will negate any bullish bias.