Chart - Courtesy Trading View
AUD/USD was trading 0.03% lower on the day at 0.6762 at around 06:10 GMT.
The pair has paused a 3-day uptrend as worsening COVID-19 conditions in China dent investor sentiment.
Focus now on the Australian Retail Sales data which is expected to decline to 0.3% vs. the former release of 0.6%.
On the other side, the US dollar turned sideways as odds strengthen for a slower rate hike by the Federal Reserve (Fed).
Technical bias for the pair still remains bullish as price action consolidates above the daily cloud.
Scope for test of 200-DMA at 0.6933. Immediate support is seen at 110-EMA at 0.6694. Major weakness only below daily cloud.
Major Support Levels:
S1: 0.6694 (110-EMA)
S2: 0.6653 (Cloud top)
Major Resistance Levels:
R1: 0.6885 (Upper BB)
R2: 0.6933 (200-DMA)
Summary: AUD/USD has paused a 3-day uptrend. Technical bias still remains bullish. Upside intact as long as pair holds above daily cloud.
