FxWirePro: AUD/USD grinds higher for the 4th straight session, RBA’s financial stability review caps upside

AUD/USD chart - Trading View 

AUD/USD was trading marginally higher in the Asian session today, extending upside for the 4th straight session.

The pair was trading 0.07% higher at 0.6232 at around 04:15 GMT after closing 0.98% higher in the previous session.

Aussie erased losses on Wednesday's trade and surged past the 0.62 handle, extending break above 21-EMA.

The antipodean hit session highs at 0.6250 earlier on the day, but slipped lower after RBA’s Financial Stability Review (FSR).

RBA’s FSR highlighting the coronavirus (COVID-19) risk, noted that high uncertainty to weigh over the banks’ performance and economy.

Technical indicators support upside in the near-term. GMMA shows bullish shift in short-term moving averages.

Gradual grind higher expected in the pair in the upcoming sessions. Test of 50% Fib at 0.6276 ahead of 50-DMA at 0.6390 likely.

Focus will be on the weekly release of US Jobless Claims and speech from the Federal Reserve Chairman Jerome Powell amid other COVID-19 updates.

Major Support Levels - 0.6154 (21-EMA), 0.6140 (5-DMA), 0.6036 (20-DMA)

Major Resistance Levels - 0.6276 (50% Fib), 0.63, 0.6390 (50-DMA)