AUD/USD chart - Trading View
- AUD/USD is trading rangebound in the Asian session as traders await RBA rate decision.
- The major edged slightly higher post-upbeat Aussie data, but recovery capped at 0.70 handle.
- Australia's retail sales arrived at +0.3 percent month-on-month, beating forecast of +0.2 percent and down from previous month's reading of +0.8 percent.
- Australia's trade surplus expanded to AUD 4,949 million in March from the February surplus of AUD 4801 million, beating AUD 4,300 million expected.
- Focus now shifts towards the RBA monetary policy decision for further trading impetus.
- Analysts' expectations for the RBA are evenly split on whether the central bank will lower its cash rate or stay pat.
- Technical bias is however bearish. 5-DMA caps upside and is sharply lower. Break above could see minor upside.
- Scope for test of 61.8% Fib at 0.6955. Violation there could see further weakness. Bearish invalidation only above 200-DMA.
Support levels - 0.6955 (61.8% Fib), 0.69, 0.6862 (78.6% Fib)
Resistance levels - 0.70, 0.7002 (5-DMA), 0.7059 (21-EMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
