- AUD/USD lifted to 0.7696 in early trading after Friday poor NFP data kept the US dollar subdued.
- However, reports of missile strikes in Syria could weigh in risk sentiment, limiting gains in the pair.
- Focus this week will be RBA Lowe's speech on Wednesday after last week's dovish showing from the RBA.
- On the data front we have Australia’s business confidence, consumer sentiment and home loan approvals along with US CPI and FOMC minutes which could impact price action.
- The pair has been on a downward trajectory since Jan 2018 highs of 0.8135 and we do not evidence any major signs of reversal.
- That said, bearish momentum is fading and we see bullish divergence on daily charts which keeps scope for upside.
- 20-DMA is stiff resistance for the pair. Breakout at 20-DMA could see some upside.
- On the flipside, weekly cloud at 0.7642 is strong support, violation there will see further drag lower.
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