FxWirePro: AUD/USD rangebound post RBA Lowe's dovish comments, upbeat Chinese Caixin Services PMI and US dollar weakness cushion downside

AUD/USD chart - Trading View 

AUD/USD was trading 0.09% higher on the day at 0.7613 at around 04:00 GMT after bouncing off 55-EMA support on Tuesday's trade.

The Australian dollar was dented post RBA Governor Lowe's comments, but upbeat Chinese Caixin Services PMI data kept downside limited. 

RBA’s Lowe repeating the central bank’s dovish statements said that she does not expect that inflation goals will be met before 2024.

Earlier in the day, Australia’s Building Permits rose past-15.0% YoY and 2.6% MoM figures to 22.8% and 10.9% respectively in December. Also, Commonwealth Bank Services PMI eased to 55.6 from 55.8 previous mark.

Broad-based US dollar retreat, in response to the US stimulus optimism also aids to keep downside in the pair limited.

Near-term technical bias for the pair remains bearish. However, analysis of GMMA indicator shows major trend is bullish.

55-EMA is offering strong support at 0.7596. Further weakness only on break below. Resumption of upside likely on retrace above 21-EMA.