FxWirePro: AUD/USD extends sideways grind above 21-EMA support, FOMC minutes in focus for impetus

Chart - Courtesy Trading View 

AUD/USD was trading 0.12% higher on the day at 0.7112 at around 07:10 GMT.

The pair is extending sideways grind above 21-EMA support, outlook is bullish.

Price action is above 200H MA and GMMA indicator shows major and minor trend are bullish on the intraday charts.

The pair has formed a Dragonfly Doji on the daily charts, suggesting buying pressure at lows.

FOMC minutes and the US Durable Goods Orders will remain the key events to watch out for further direction.

5-DMA is biased higher, MACD confirms bullish crossover on signal line, Chikou span is biased higher.

Momentum is bullish and volatility is high. Bias remains bullish as long as pair holds above 21-EMA support. 

Major Support Levels: 

S1: 0.7080 (21-EMA)

S2: 0.7025 (23.6% Fib)

Major Resistance Levels: 

R1: 0.7146 (38.2% Fib)

R2: 0.7179 (55-EMA)

Summary: AUD/USD was trading with a bullish bias. Scope for test of 38.2% Fib at 0.7146. Bullish invalidation below 21-EMA.