FxWirePro: AUD/USD extends sideways below daily cloud, upbeat NAB data fails to impress

AUD/USD chart - Trading View 

AUD/USD was trading 0.12% lower on the day at 0.7743 at around 05:15 GMT.

National Australia Bank's Business Confidence grew past forecast and prior readings during Q1 2021, but Aussie remains unfazed.

Business Confidence data released by National Australia Bank (NAB) beat market consensus of 7 and also grew beyond 14 previous readouts to 17 in Q1 2021.

Sluggish market sentiment amid worsening COVID-19 conditions across Asia along with US stimulus deadlock and geopolitical-tensions dent upside.

Technical indicators are mildly positive but do not provide a clear directional bias. The pair is extending sideways below daily cloud resistance. 

Focus on US weekly Jobless Claims and housing stats, as well as Chicago Fed National Activity Index for intermediate direction.

Major Support Levels: 

S1: 0.7708 (200H MA)

S2: 0.7683 (55-EMA)

S3: 0.7601 (110-EMA)

Major Resistance Levels: 

R1: 0.7785 (daily cloud)

R2: 0.78 (Psychological mark)

R3: 0.7837 (Upper W BB)

Summary: Major and minor trend for the pair on the weekly charts is bullish. The pair is struggling at daily cloud resistance. Watch out for decisive break above for upside.