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FxWirePro: AUD/USD erases early losses, weak US dollar cushions downside

AUD/USD chart - Trading View 

Technical Analysis: Bias Bearish

GMMA Indicator

- Major and minor trend are bearish

Ichimoku Analysis

- Cloud caps upside on the daily charts

- Chikou span is flat, with bearish bias

Oscillators

- Stochs and RSI are biased lower and are in neutral territory

Bollinger Bands

- Bollinger bands are spread wide apart suggesting high volatility

Major Support Levels: 0.7309 (110-week EMA), 0.7216 (200-week EMA)

Major Resistance Levels: 0.7344 (5-DMA), 0.7388 (55-EMA)

Summary: AUD/USD is consolidating break below 21-EMA. US dollar weakness is limiting downside in the pair. Focus on FOMC meet for imptus. 
 

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