AUD/USD: Bulls struggling to extend gains above 5-DMA

By FXStreet FXStreet (Mumbai) – The AUD bulls are struggling hard to fight back control in mid-Asia, oscillating back and forth in a narrow range amid holiday-thinned trades.

AUD/USD clinging to 5-DMA support

Currently, the AUD/USD pair gains 0.05% to 0.7270, easing-off session highs reached at 0.7282 at Tokyo start. The Aussie attempts a minor pullback from Friday’s lows and remains supported above 5-DMA at 0.7262 amid lack of fresh fundamentals triggers as the Australian markets remain closed on account of Box Day holiday.

Later this week, nothing relevant for the AUD is expected to be reported while most traders are away on an extended Christmas-New Year holidays, with liquidity expected to return next Monday. While the focus now remains on the sentiment on the global equities and commodities’ prices for further momentum on the pair.

AUD/USD Levels to watch

The pair finds the immediate resistance at 0.7300 (round number) above which gains could be extended to the next hurdle located at 0.7352 (200-DMA). On the flip side, the immediate support is located at 0.7248 (1h 50-SMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7228/20 (20 & 10-DMA).
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Source:: FX Street