FxWirePro: AUD/USD lacks clear direction, hovers around 61.8% Fib at 0.7212

• AUD/USD lacks clear direction, extends range trade around 61.8% Fib at 0.7212.
   
• Pair finds major resistance at 0.7242, upside potential only on decisive break above. While 0.72 (5-DMA and psychological level) is immediate support.
   
• Chinese equities unable to find a clear direction as a sharp fall in China April industrial profits data weigh on the markets.
   
• Markets digest hawkish speeches from the Fed officials delivered lately as they await US GDP numbers and Fed Chair Yellen’s speech due later today.
   
• Weakly charts are biased lower, we see scope for test of 0.7042 (78.6% Fib), bearish invalidation only above 0.73 levels.
   
• RBA Governor Stevens’ dovish comments earlier this week and rising expectations that the Fed could hike at any of the next few meetings keep upside limited.
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Recommendation: Advise to remain on the sidelines for now.