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FxWirePro: AUD/USD trades in narrow range, recovery capped at 1H 200-SMA
AUD/USD chart - Trading View
AUD/USD edged higher overnight on improved risk sentiment and weaker USD amid poor U.S. data.
Recovery in the pair is capped at 1H 200-SMA, bias remains bearish.
The pair is trading 0.19% lower on the day at 0.6885 at 05:45 GMT.
Price action hovers around 5-DMA, break above could see gains till 21-EMA.
Major trend remains bearish. Breakout above 200-DMA required for bearish invalidation.
On the downside, strong support is seen at 0.6845 (trendline). Break below will accentuate downside.
Support levels - 0.6845 (trendline), 0.6807 (88.6% Fib), 0.6744 (Jan 3rd low)
Resistance levels - 0.69, 0.6954 (61.8% Fib), 0.70
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.