FxWirePro: AUD/USD inches closer towards weekly cloud top at 0.75

Chart - Courtesy Trading View 

Spot Analysis:

AUD/USD was trading largely rangebound on the day at 0.7461 at around 05:45 GMT. The pair is consolidating previous session's gains and is on track to test 0.75 mark

Previous Week's High/ Low: 0.7417/ 0.7165

Previous Session's High/ Low: 0.7417/ 0.7375

Fundamental Overview:

US Treasury yields refresh three-year high, global bonds mark biggest fall on record as central bankers brace for tighter monetary policy.

Covid resurgence in China keeps investors wary, adds to market risk-off, denting the antipodeans.

Cautious mood ahead of Federal Reserve (Fed) Chairman Jerome Powell's speech amid bond markets rout.

Technical Analysis:

- AUD/USD has bounced off 200-week MA

- Price action has entered into weekly cloud

- Momentum is bullish, volatility is high

- GMMA indicator shows major and minor trend are bullish

Major Support and Resistance Levels:

Support - 0.7423 (5-DMA), Resistance - 0.75 (Weekly cloud top)

Summary: AUD/USD trades with a bullish bias. The pair is on track to test 0.75 mark (Weekly cloud top). Break above will propel the pair higher.