AUDUSD – no clear direction while the price holds in daily cloud
The pair remains within daily cloud on Tuesday, after upside attempts in Asian session stalled under cloud top (0.7878), maintaining downside risk.
Yesterday’s strong upside rejection at 0.7893 and close within daily cloud was also negative signal, but clear near-term direction could be expected while the price holds in cloud.
Mixed daily studies (MA’s in bearish setup, but momentum studies improving) add to current outlook.
On the other side, near-term techs are weak and keep the downside at risk.
Break below Monday’s low (0.7825) will be bearish signal for possible extension towards key supports at 0.7790 (22 Feb low) and 0.7770 (daily cloud top).
To neutralize bearish threats, close above daily cloud is required.
Speech of Fed’s Chair Powell would provide stronger direction signal.
Res: 0.7868; 0.7878; 0.7913; 0.7947
Sup: 0.7825; 0.7803; 0.7790; 0.7770