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FxWirePro: Aussie bulls lack impetus, AUD/USD confined to narrow range ahead of RBA

  • Aussie struggles to extend gains despite upbeat Australian MI and AIG manufacturing data released earlier on the day.
     
  • The pair remains confined to a narrow range ahead of RBA policy decision due tomorrow.
     
  • Bulls lack impetus amid holiday-thinned markets, pair struggling to extend recovery above 5-DMA at 0.7660.
     
  • Stochs are on the verge of a rollover from overbought territory, RSI has a neutral bias.
     
  • The pair finds strong support at 0.76 level which is converged 20 and 50 day MA and rising trendline.
     
  • Break below 0.76 to confirm weakness, drag till major trendline support at 0.7485 levels likely.
     
  • Major support levels - 0.7620 (cloud top), 0.76 (20 & 50 DMA and trendline), 0.7589 (Sept 30 low) 
     
  • Major resistance levels - 0.77 (trendline), 0.7723 (88.6% Fib), 0.7732 (Sept 8 high)
     
  • Market Data
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