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FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/USD was trading 0.38% lower on the day at 0.6901 at around 03:30 GMT

- Recovery attempts in the pair on Tuesday were capped at 21-EMA resistance

- Momentum is with the bears, RSI is below the 50 mark and biased lower

- Price action is within the daily cloud and Chikou span is biased lower

- The pair is currently holding support at 5-DMA

Support levels:

S1: 0.6898 (5-DMA)

S2: 0.6836 (Cloud base)

Resistance levels:

R1: 0.6947 (21-EMA)

R2: 0.6967 (55-EMA)

Summary: AUD/USD trades with a bearish bias. Watch out for break below 5-DMA for more weakness. 
 

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