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AUD/USD chart - Trading View
Spot Analysis:
AUD/USD was trading at 0.7587 at around 04:45 GMT, with session high at 0.7595 and low at 0.7572
Previous Week's High/ Low: 0.7616/ 0.7477
Fundamental Overview:
Fresh covid woes from Australia, Japan and the UK also favor the US dollar and weigh on the antipodeans.
Australia lowered its projections on Sunday for population and economic growth over the next 40 years due to the impact of the COVID-19 pandemic, Reuters news, citing extracts of Aussie “intergenerational report".
Focus on Fedspeak in the US session. Should the Fed policymakers raise doubts over their “transitory” outlook for inflation fears, USD could garner further traction, weighing on the pair.
Technical Analysis:
AUD/USD consolidates above 200-DMA, extends gains for the 6th straight session
The pair has ignored 'Inverted Hammer' formation in the previous session
MACD is on verge of bullish crossover on signal line
GMMA indicators shows bullish shift on the intraday charts
Major Support and Resistance Levels:
Support - 0.7571 (200H MA), 0.7557 (200-DMA), 0.7475 (Lower BB)
Resistance - 0.7634 (21-EMA), 0.7656 (110-EMA), 0.7680 (55-EMA)
Summary: Coronavirus (COVID-19) resurgence in Australia is likely to keep the pair depressed. Price action is likely to consolidate above 200-DMA. Technical bias is neutral. Breach below 200-DMA will see more downside.
