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Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.42% lower on the day at 0.7226 at around 06:45 GMT
Previous Week's High/ Low: 0.7250/ 0.7054
Previous Session's High/ Low: 0.7265/ 0.7088
Fundamental Overview:
Upbeat Australia Trade Balance supports the antipodean higher.
According to data published by the Australian Bureau of Statistics monthly Trade Balance printed at 9314M higher than the forecast of 8500M and the prior print of 7457M.
Higher than expected rate hike by the Reserve Bank of Australia (RBA) on Tuesday adds to the Aussie strength.
Focus now on the monetary policy statement by the RBA, which is due on Friday.
On the other side, U.S. Federal Reserve raised interest rates by 50 basis points but sounded less hawkish than expected, lifting investor sentiment and sending the dollar lower.
Technical Analysis:
- AUD/USD closed a whopping 2.28% higher on Wednesday
- Upside finds stiff resistance at 21-EMA and daily cloud
- 5-DMA has turned north, RSI is biased higher
- The pair has retraced above 200-week MA
- GMMA indicator shows major trend is neutral, while minor trend is turning bullish
Major Support and Resistance Levels:
Support - 0.72, 0.7131 (200H MA), 0.71
Resistance - 0.7251 (21-EMA), 0.7281 (200-DMA), 0.7295 (55-EMA)
Summary: AUD/USD capped at 21-EMA and daily cloud resistance, decisive break above will fuel further upside.
