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FxWirePro: AUD/USD halts 6-day winning streak, finds stiff resistance at 21-EMA (0.6177)
AUD/USD chart - Trading View
AUD/USD was trading 0.44% lower on the day at 0.6134 at around 03:25 GMT, slipping lower from session highs at 0.6184.
The pair has paused six consecutive days of upside, finds stiff resistance at 21-EMA at 0.6177.
The People's Bank of China's rate cut and the liquidity injection have failed to put a bid under the risk assets.
As the coronavirus pandemic fears continue to rattle global markets, the US dollar seems to be attracting haven bids. DXY (the US dollar index) was up 0.43% as we wrtie.
The Australian PM has said that the government will provide assistance and the Treasurer announced changes to foreign investment review framework.
Upside likely to be limited as market’s risk-tone remains under pressure. Technical studies, however, show scope for upside.
Price action has broken above 200H MA. Stochs and RSI are biased higher. MACD shows bullish crossover on signal line.
5-DMA is sharply higher and a 'bullish divergence' on Stochastics on the daily charts keeps scope for upside.
The pair currently finds stiff resistance at 21-EMA at 0.6177. Break above could see further upside. Next immediate hurdle aligns at 50% Fib at 0.6269 ahead of 61.8% Fib at 0.6450.
With no major data/events on the economic calendar, markets will focus on the virus/stimulus news for direction.
Support levels - 0.6089 (38.2% Fib), 0.6055 (5-DMA), 0.5914 (200H MA)
Resistance levels - 0.6177 (21-EMA), 0.62 (20-DMA), 0.6269 (50% Fib)