AUD/USD chart - Trading View
AUD/USD was trading 0.12% weaker on the day at 0.7652 at around 05:50 GMT.
The pair has stalled upside at 20-DMA resistance, decisive break above will fuel further gains.
Focus remains on FOMC minutes for any hints on the Fed’s take on the inflation outlook and the forward guidance.
Investors re-price Fed rate hike expectations, triggered by the recent series of encouraging US macro data.
US trade balance and the dynamics in US Treasury yields will also impact price action. A pause in the US dollar sell-off amid stabilizing Treasury yields seems to cap upside.
Support levels - 0.7637 (5-DMA), 0.7580 (110-EMA), 0.7528 (Lower BB)
Resistance levels - 0.7674 (converged 20-DMA and 55-EMA), 0.7695 (110-month EMA), 0.77
Summary: AUD/USD comatose below 20-DMA. Technical indicators do not provide a clear directional bias. Price action remains sandwiched between 55 and 110 EMAs. Break out will provide clear direction.
