FxWirePro: AUD/USD opens the week on a positive note, Aussie gains traction ahead of RBA policy decision

Chart - Courtesy Trading View 

Spot Analysis:

AUD/USD was trading 0.90% higher on the day at 0.6875 at around 09:50 GMT

Previous Week's High/ Low: 0.6964/ 0.6763

Previous Session's High/ Low: 0.6903/ 0.6763

Fundamental Overview:

Focus going forward will remain on the RBA policy decision, scheduled to be announced during the Asian session on Tuesday. 

FOMC monetary policy meeting minutes on Wednesday will provide cues for further price action. 

Further, US monthly jobs report (NFP) on Friday will help determine the near-term trajectory for the pair.

Technical Analysis:

- AUD/USD erases most of the previous session's losses

- Price action has retraced above trendline and is hovering around 5-DMA

- Major trend is bearish as evidenced by GMMA indicator

- Price action is below major moving averages which are trending lower

Major Support and Resistance Levels:

Support - 0.6756 (Lower BB), Resistance - 0.6957 (21-EMA)

Summary: AUD/USD recovery lacks traction. Major trend remains bearish.