AUD/USD has been in a non-volatile bearish trend since the bounce off the resistance 0.7750. Today AUD Westpac Consumer Sentiment report was published where the result was negative at -0.7% which previously was at 0.1%, this event affected the AUD. So AUD has been observed to lose its strength gradually all over the day. On the other hand, today President Trump's speech about further policies is due today. This event made the market quite indecisive on the USD side. Along with that, Crude Oil Inventories report was also published which also showed a negative figure of -2.2M which was expected to be at -0.7M. Overall today was quite indecisive for both of the currencies in this pair and any positive economic report on each side may boost the market in the upcoming trading days. Otherwise, the pair is going to seat on the sidelines above the support of 0.7470.
Now let us look at the pair from the technical view. The price has bounced off the support level of 0.7470 and is currently showing some bullish pressure in this pair. Recently, the pair has respected the dynamic level of 20 EMA as resistance quite well. If the price takes out the 20 EMA with an intraday close, then we will expect a good lift of the price higher towards 0.7550 resistance level. If the price breaks above the 0.7550 with a daily close, then we might see much upward move in this pair towards 0.7750. Otherwise, if the price rejects the bulls off the level 0.7550, then we will look for further selling with recent lower support towards 0.7470. As the price remains above the support level of 0.7470, we will be in a medium-term bullish bias.
