Chart - Courtesy Trading View
Technical Analysis:
- AUD/USD was trading 0.38% lower on the day at 0.6953 at around 05:20 GMT
- The pair is struggling at cloud top resistance, break above to fuel further gains
- Bullish RSI divergence keeps scope for upside in the pair
- RSI is above 50, Stochs are on verge of bullish rollover from oversold levels
- GMMA indicator shows major and minor trend are neutral
Fundamental Overview:
Traders remain cautious ahead of central banks' governors speech within the Jackson Hole Economic Symposium.
US dollar remains buoyed as Fed Powell’s commentary at Jackson Hole Economic Symposium is expected to remain hawkish on interest rates.
Focus also on the US Core Personal Consumption Expenditure (PCE) data, which is expected to decline to 4.7% from the prior print of 4.8%.
Major Support Levels: 0.6952 (21-EMA), 0.6930 (5-DMA)
Major Resistance Levels: 0.70, 0.7032 (110-EMA)
Summary: AUD/USD finds stiff resistance at cloud top. Upside only on break above.
