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FxWirePro: AUD/USD capped between major EMAs, breakout will provide clear directional bias

AUD/USD chart - Trading View 

AUD/USD was trading in familiar ranges, price action being sandwiched between 55 and 110 EMAs.

The major was trading largely unchanged on the day at 0.7598 at around 05:45 GMT, with session high at 0.7618 and low at 0.7588.

Price action is struggling at 110 month EMA for the past 3 months and is extending downside for the 3rd consecutive week.

GMMA indicator has shown bearish shift in near-term moving averages. MACD and ADX support downside.

Break below 55-EMA will see further weakness. Next major support lies at 23.6% Fib at 0.7417 ahead of 200-DMA at 0.7376.

On the flipside, major resistance is seen in 0.7680 to 0.7690 range. Break above will negate any bearish bias. 
 

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