FxWirePro: AUD/USD pauses upbeat Retail Sales led gains at 200H MA, broader risk-off capping upside

AUD/USD chart - Trading View 

AUD/USD was seen edging higher after a solid rise in the Australian Preliminary Retail Sales data for March. 

The major was trading 0.53% higher on the day at 0.6313 at around 02:30 GMT, extending gains above 0.63 handle.

Data released earlier today showed consumer spending in Australia, as represented by retail sales, rose 8.2% month-on-month, following February's 0.5% rise.

The U.S. Senate passed a $484 billion pandemic relief package and the House could take it up as soon as Thursday.

Price action has slipped lower from session highs at 0.6349. The risk-off broader market sentiment is likely capping upside.

Technical studies support weakness in the pair. Upside finds stiff resistance at 200H MA (0.6347) and 55-EMA (0.6357).

Decisive break above 0.6360 could change near-term dynamics. Focus shifts to the US Jobless Claim data for fresh direction.

Major Support Levels: 0.6265 (21-EMA), 0.6228 (20-DMA)

Major Resistance Levels: 0.6323 (5-DMA), 0.6347 (200H MA), 0.6356 (55-EMA)

Summary: Major trend in the pair is neutral with a slight bearish bias. Price action currently capped between 55 and 21 EMAs. Breakout on either side will determine near-term price action.