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AUD/USD chart - Trading View
Spot Analysis:
AUD/USD was trading rangebound on the day at 0.7255 at around 09:15 GMT
Previous Week's High/ Low: 0.7389/ 0.7315
Previous Session's High/ Low: 0.7341/ 0.7242
Fundamental Overview:
AUD/USD is refreshing yearly lows below 0.73 handle, outlook remains bearish.
COVID-19 worries and risk-off market sentiment act as a headwind for the aussie.
The US dollar remains muted as investors scale back expectations of Fed taper.
Investors remain on the sidelines ahead of Wednesday's release of the FOMC monetary policy meeting minutes.
The FOMC minutes will play a key role in influencing the near-term USD price dynamics.
Technical Analysis:
- GMMA indicator shows major and minor trend are strongly bearish
- Price action has tested major support at 200-DMA, break below will open downside
- Oscillators are strongly bearish, Stochs and RSI are sharply lower
- Death Cross keeps bias bearish. Supertrend indicator supports a SELL signal
Major Support and Resistance Levels:
Support - 0.7222 (200-week MA), Resistance - 0.7309 (5-DMA)
Summary: AUD/USD trades with a strong bearish bias. FOMC minutes to drive USD price dynamics and hence price action in the pair. 200-week MA is strong support, watch out for a break below for further weakness. Next major support lies at 38.2% Fib at 0.7051.
