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FxWirePro: AUD/USD Daily Technical Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- AUD/USD was trading 0.34% lower on the day at 0.7366 at around 10:45 GMT

- The pair is extending weakness for the 4th consecutive session, bias bearish

- Upside remains capped at 5-DMA which is trending lower

- MACD shows bearish crossover on signal line, ADX supports downside

- Price action is below 200H MA, GMMA indicator shows near-term trend has turned bearish

- Momentum is bearish, Stochs and RSI are sharply lower

Support levels - 0.7338 (50-DMA), 0.7319 (110-EMA), 0.7293 (200-DMA and Cloud top)

Resistance levels - 0.7415 (5-DMA), 0.7430 (21-EMA), 0.7476 (20-DMA)

Summary: AUD/USD trades with a bearish bias. 55-EMA is minor support at 0.7358, decisive break below will plummet prices.
 

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