FxWirePro: AUD/USD holds marginal gains after mixed NAB data, positive risk sentiment lends support
AUD/USD chart - Trading View
AUD/USD was trading 0.40% higher on the day at 0.7177 at around 03:55 GMT.
The pair was extending marginal gains after mixed NAB Business Conditions and Business Confidence data.
National Australia’s Bank’s (NAB) Business Confidence slumped below +1 previous to -14 whereas Business Conditions grew beyond -7 prior to 0 in July.
Sentiment boosted on increased hopes of the US stimulus following President Donald Trump’s executive orders.
Markets largely ignore escalations in the US-China spat as well as the ongoing coronavirus woes.
Bearish divergence on oscillators on the daily charts and stiff 200W MA resistance cap upside in the pair.
Major trend is bullish. Decisive breakout at 200W MA will fuel further gains. Bullish invalidation only below 200-DMA.
Major Support: 0.7114 (21-EMA), 0.6962 (55-EMA)
Major Resistance: 0.7254 (200-DMA), 0.7265 (Upper BB)