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FxWirePro: AUD/USD trades rangebound, upside intact as long as pair holds above 21-EMA
AUD/USD chart - Trading View
AUD/USD is extending range trade in the Asian session, upside remains capped below 5-DMA.
The pair was hovering around 0.6531 at around 03:30 GMT, with session high at 0.6550 and low at 0.6522.
Data released by the Australian Bureau of Statistics showed that Australian exports and imports decreased in April 2020.
Exports fell by $4 billion or 12% month-on-month from the record-high figure in March 2020, while imports fell by 5%.
Despite the fall, exports remain near historic highs. Demand for resource commodities, mainly iron ore and gas, remained strong, preliminary data showed on Monday.
Aussie largely muted on trade data, uptrend in the pair remains intact as long as the pair holds above 21-EMA support.
Bearish divergence in RSI and Stochs is causing minor pullbacks in the pair. Resumption of upside will see test of 200-DMA at 0.6657.
110-EMA is immediate support at 0.6502. Break below 21-EMA will negate near-term bullish bias.