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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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