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FxWirePro: AUD/USD extends range trade above 55-EMA, mixed Australian NAB Business Survey fails to impress

AUD/USD chart - Trading View 

Spot Analysis:

AUD/USD was trading 0.12% lower on the day at 0.7745 at around 05:35 GMT.

Previous Session's High/ Low: 0.7765/ 0.7726

Previous Week's High/ Low: 0.7773/ 0.7645

Fundamental Overview:

A broad US dollar bounce keeps downside pressure in the pair.

Mixed Australian NAB Business Survey fails to impress Aussie bulls. 

National Australia Bank's index of business conditions climbed 5 points to +37 in May, after jumping 8 points in April. 

Sentiment sour as China moves forward with law aimed at countering US sanctions.

Focus shifts to US CPI due Thursday for impetus. 

Technical Analysis:

AUD/USD trades with a neutral bias. 

Price action is extending sideways grind along 55-EMA support.

Stochs are biased higher and RSI is above 50 mark.

The pair is capped within daily cloud, breakout will provide clear direction.

Summary: AUD/USD extends range trade above 55-EMA. Watchout for break out of daily cloud for further direction. 
 

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