FxWirePro: AUD/USD extends sideways grind around 5-DMA, weaker-than-expected Australia Retail Sales keeps bearish pressure

AUD/USD chart - Trading View 

AUD/USD was trading in tight range in Asian trade today, with session high at 0.7776 and low at 0.7757.

The major is trading directionless and extending sideways along 5-DMA with no major progress on US stimulus talks, fears of coivd variants.

Further, weaker-than-expected Australia Retail Sales released earlier today, keeps downside  pressure.

Australia’s preliminary readings for January Retail Sales grew 0.6% MoM missing forecasts of 2.0% by a big margin and compared to -4.1% prior.

Downbeat outcomes of Commonwealth Bank of Australia's PMI figures for February also keep bearish bias. 

Technical indicators do show any major sign of reversal, but potential Doji formation on this week's candle, dents upside.

Upside has paused shy of 88.6% Fib and sideways grind likely for a few sessions. 21-EMA is strong support at 0.7717. Dip till 0.7625 likely on break below.

Updates from China along with news on the coronavirus (COVID-19) vaccine and the US covid relief package can offer cues for further direction.