FxWirePro: AUD/USD rangebound, 'Death Cross' keeps downside pressure

AUD/USD chart - Trading View 

AUD/USD was trading largely rangebound on the day with session high at 0.7388 and low at 0.7370.

The pair hovers around 200H MA and remains capped below the 0.74 handle. Decisive break above 0.74 required for upside continuation.

Stochs have rolled over from oversold levels and bullish divergence on Stochs and RSI keeps scope for some upside.

That said, 'Death Cross' (bearish 50-DMA crossover on 200-DMA) confirmed on the daily charts keeps upside limited.

Markets remain risk-off as the coronavirus headlines from Australia come negative. New Delta variant cases continue to rise causing concerns about potential lockdowns. 

On the data front, China’s Industrial Profits for June eased from 36.4% to 20.00% YoY, exerting additional downside pressure on the AUD.

Major trend is bearish. Price action is below cloud and major moving averages. Bears target 200-week MA at 0.7229.