FxWirePro: AUD/USD struggles for direction, stuck in range trade ahead of US CPI data

Chart - Courtesy Trading View 

Spot Analysis:

AUD/USD was trading largely muted at 0.7211 at around 11:20 GMT

Previous Week's High/ Low: 0.7277/ 0.7129

Previous Session's High/ Low: 0.7213/ 0.7154

Fundamental Overview:

Goldman Sachs cuts China 2022 growth estimate to 4.3% on Omicron covid woes.

Aussie remains under pressure after disappointing Chinese inflation figures for December.

Focus now on release of the US consumer inflation figures, due later during the early North American session.

Technical Analysis:

- GMMA indicator shows major and minor trend are neutral

- Stochs and RSI are in neutral territory, RSI is flat above the 50 mark

- Price action has edged above the daily cloud and 200H MA

- The pair has held support at 200-week MA

- Volatility is high on the daily charts as evidenced by wide spread Bollinger bands

Major Support and Resistance Levels:

Support - 0.7199 (21-EMA), Resistance - 0.7229 (55-EMA)

Summary: AUD/USD trapped between 21 and 55 EMA. Watch out for breakout on either direction for further direction.