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AUD/USD chart - Trading View
AUD/USD has snapped losing streak at channel base support. Scope for further upside.
Aussie buoyed on risk-on after WH Adviser Navarro retracted on his earlier comments that the US-China trade deal is over.
U.S. President Trump also tweeted that the China trade deal is intact, supporting the pair higher.
That said, the coronavirus resurgence in the Australian state of Victoria, however, could weigh on the spot.
Price action has been raging in a 'Rising Channel' pattern and bounce off channel base has raised scope for upside resumption.
Analysis of the GMMA indicator shows major trend is strongly bullish and now minor trend is also turning bullish.
Stiff resistance is seen at 110W EMA at 0.6933, break above will confirm further gains. Next hurdle is upper BB at 0.7085.
Major Support: 0.6826 (21-EMA)
Major Resistance: 0.7085 (Upper BB)
