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FxWirePro: AUD/USD opens the week on a positive note, Aussie gains traction ahead of RBA policy decision
Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.90% higher on the day at 0.6875 at around 09:50 GMT
Previous Week's High/ Low: 0.6964/ 0.6763
Previous Session's High/ Low: 0.6903/ 0.6763
Fundamental Overview:
Focus going forward will remain on the RBA policy decision, scheduled to be announced during the Asian session on Tuesday.
FOMC monetary policy meeting minutes on Wednesday will provide cues for further price action.
Further, US monthly jobs report (NFP) on Friday will help determine the near-term trajectory for the pair.
Technical Analysis:
- AUD/USD erases most of the previous session's losses
- Price action has retraced above trendline and is hovering around 5-DMA
- Major trend is bearish as evidenced by GMMA indicator
- Price action is below major moving averages which are trending lower
Major Support and Resistance Levels:
Support - 0.6756 (Lower BB), Resistance - 0.6957 (21-EMA)
Summary: AUD/USD recovery lacks traction. Major trend remains bearish.
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