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FxWirePro: AUD/USD Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/USD was trading 0.32% lower on the day at 0.6705 at around 05:15 GMT

- The pair has snapped at 2-day downside and has edged above 110-EMA 

- Price action consolidates above daily cloud, Chikou span is biased higher

- MACD and ADX support upside in the pair, momentum is bullish and volatility is high

- GMMA indicator shows major trend is turning bullish and minor trend is bullish

Major Support Levels: 

S1: 0.6694 (110-EMA)

S2: 0.6566 (55-EMA)

Major Resistance Levels: 

R1: 0.6716 (5-DMA)

R2: 0.6216 (Upper BB)

Summary: AUD/USD pivotal at 110-EMA and daily cloud support. Weakness only on break below. Resumption of upside will see test of fresh month high above 0.68 ahead of 200-DMA at 0.6945.
 

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