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FxWirePro: AUD/USD extends choppy trade below 21-EMA resistance, outlook bullish

Chart - Courtesy Trading View 

Technical Analysis: Bias Bullish

GMMA Indicator

- Bearish on the daily charts

- Bullish on the hourly charts

Ichimoku Analysis

- Price action is well below daily and weekly cloud

Oscillators

- Oscillators are biased lower on the weekly charts

- Stochs and RSI show bullish momentum on the daily charts

Bollinger Bands

- Bollinger bands are wide, show high volatility

Major Support Levels: 0.7151 (5-DMA), 0.7111 (200H MA)

Major Resistance Levels: 0.7180 (converged 200-week MA and 21-EMA), 0.7265 (55-EMA)

Summary: AUD/USD is grinding sideways below 21-EMA resistance for the past 4 sessions. Technical bias is tilted bullish, decisive break above 200-week MA will fuel further gains. 
 

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