AUD/USD holds channel base support, weakness only on break below

FX:AUDUSD   Australian Dollar / U.S. Dollar
237 0 7
AUD/USD             is trading a narrow range in the Asian session, Doji formation seen on daily charts .

The pair is trading a rising channel and price action has bounced of channel base support at 0.7575.

Momentum studies are bullish , RSI strength seen at 57, and MACD is well above zero mark.

Upside finds immediate resistance at 0.7605 (5-DMA), break above could see further upside.

Resistnace above 0.7605 are located at 0.7638 (Jul 13 high) 0.7655 ( trendline ), 0.7676 (July 15 high).

We see weakness only on break below channel base at 0.7575, test of 0.7513 (20-DMA) then likely.

Q2 CPI             data (due Wed 27 July) keenly awaited after the extremely weak Q1 data and consequent downgrade to the RBA’s inflation profile.
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