FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURUSD and AUDJPY) for the day)
FxWirePro: AUD/USD extends weakness below 21-EMA, outlook bearish
Chart - Courtesy Trading View
AUD/USD is extending weakness for the 4th consecutive session, trades 0.19% lower on the day at 0.7194 at around 06:15 GMT.
A record high number of covid-led deaths in Australia and geopolitical risks emanating from Russia keep the antipodeans depressed.
Technical bias is bearish. Price action has failed to hold break above daily cloud, the pair has slipped below 21-EMA.
Momentum indicators have turned bearish. RSI has slipped below the 50 mark and is biased lower
Major attention will be on Thursday’s Aussie jobs report for December and the next week’s FOMC meeting to drive further price action.
Support levels - 0.7165 (Trendline), 0.7154(Lower BB), 0.71
Resistance levels - 0.7211(21-EMA), 0.7230 (55-EMA), 0.7236 (5-DMA)
Summary: The pair has slipped below 200H MA and GMMA has turned bearish on the intraday charts. Scope for test of trendline support at 0.7165.