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AUD/USD chart - Trading View
AUD/USD was trading largely rangebound in the Asian session as caution prevails ahead of FOMC meet.
The pair made a session high of 0.7747 and low of 0.7723 and upside remains capped below 21-EMA.
Fears of employment backlash as the Australian government’s job relief package expires in March is likely to keep pressure on the Aussie.
Further, fresh Sino-American tussles, US sanctions over Russia and Japan’s trade-punitive measures on the US beef are some extra hurdles to market sentiment.
Technical bias for the pair is neutral. Price action capped between major moving averages and breakout will provide a clear direction.
Major trend on the daily charts has gone neutral. Any break below 200H MA at 0.7722 will drag prices lower.
Daily cloud is next major support. Breach below cloud will negate any upside bias.
