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Chart - Courtesy Trading View
AUD/USD was trading 0.09% higher on the day at 0.6611 at around 06:25 GMT. The pair has snapped a 4-day bearish streak as markets await RBA Lowe's speech.
Easing of market’s fears despite China’s covid woes underpin the Australian dollar, but upside seems limited.
Any bearish comments from Reserve Bank of Australia (RBA) Governor Philip Lowe could recall sellers in the pair.
On the data front, ANZ-Roy Morgan consumer confidence rose 1% in the latest week, its second consecutive weekly rise.
Less-hawkish commentary from Fed policymakers has started weighing on US Treasury yields, 10-year US yields have slipped below 3.82%.
That said, the previous week’s strong US Retail Sales and Producer Price Index (PPI) keeps traders on the edge.
Technical Analysis:
- AUD/USD has failed at major resistance at 110-EMA
- 5-DMA is biased lower and caps upside in the pair
- Price action has slipped below 200H MA
- GMMA indicator has turned bearish on the intraday charts
Major Support Levels: 0.6567 (55-EMA), 0.6537 (20-DMA)
Major Resistance Levels: 0.6662 (5-DMA), 0.6690 (110-EMA)
Summary: AUD/USD trades with a bearish bias. The pair is on track to test 55-EMA support at 0.6567. Bearish invalidation only on decisive break above 110-EMA.
