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AUD/USD chart on Trading View used for analysis
- AUD/USD is trading 0.10% higher on the day at 0.7217 at the time of trading.
- The Aussie dollar largely muted after the RBA as expected kept interest rates unchanged at 1.5 percent for the 26th straight month.
- Further, the central bank revised higher the 2018 and 2019 GDP forecasts but reiterated that wage growth remains subdued.
- Major trend is bearish, but technical bias on daily charts remains slightly bullish.
- The pair is holding support at 55-EMA from the pat few sessions. 5-DMA is sharply higher and we see rising volatility.
- Price action is grinding lower in sloping channel. Breakout at channel top could see further bullishness.
- Focus on the U.S. midterm elections, Democrat victory in both houses could weaken the US dollar.
Support levels - 0.7185 (converged 55-EMA and 5-DMA), 0.7139 (21-EMA)
Resistance levels - 0.7245 (channel top), 0.7284 (110-EMA)
Recommendation: Watch out for channel breakout to go long.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
