Chart - Courtesy Trading View
Technical Analysis:
- AUD/USD was trading 0.08% lower on the day at 0.7200 at around 05:30 GMT
- The pair is extending weakness for the second straight session, slips below 5-DMA
- Price action has faltered at 200-DMA which is offering stiff resistance at 0.7255
- 'Death Cross' (bearish 50-DMA crossover on 200-DMA) dents upside
- Stochs are at overbought, with scope for bearish reversal
Major Support Levels:
S1: 0.7180 (55-EMA)
S2: 0.7138 (21-EMA)
Major Resistance Levels:
R1: 0.7221 (110-EMA)
R2: 0.7255 (200-DMA)
Summary: AUD/USD upside falters at 200-DMA resistance, decisive break above required for upside continuation. On the flipside, break below 55-EMA support will drag the pair lower.
