AUD/USD chart on Trading View used for analysis
- AUD/USD is trading 0.29% higher on the day at 0.7136 at the time of writing.
- The antipodeans have found support in early Asia amid risk-on action seen in stocks.
- Positive news related to the US-China trade war alongside China's announcement of more stimulus measures coming from the banking sector add support.
- As both economies resume talks today in Beijing, news flows as how the trade-talks develop will influence price action.
- Major trend in the pair remains bearish, but upside momentum on daily charts may see minor gains.
- Price action has broken above 21-EMA and is on track to test next major resistance at 55-EMA at 0.7164.
Support levels - 0.7112 (21-EMA), 0.7056 (5-DMA)
Resistance levels - 0.7164 (55-EMA), 0.7189 (4H 200-SMA)
Recommendation: Good to stay long on dips, SL: 0.71, TP: 0.7165/ 0.7185
