AUD/USD technical analysis: At session highs, immediate bearish outlook neutralized
|- AUD/USD confirmed a bullish doji reversl with moderate gains on Friday.
- The 10-day moving average could come into play in the next 24 hours ro so.
AUD/USD is currently trading at session highs above 0.7055, having neutralized the immediate bearish view with a 0.30 percent gain on Friday. The pair picked up a bid on Friday following the US first quarter GDP release and ended in green, validating the Doji candle created on Thursday.
Daily chart
The bullish doji reversal confirmed on Friday has opened up upside towards the 10-day moving average (MA), currently at 0.7100.
The pair may close above that bearish (downward sloping) average today if the US Personal Spending and core PCE – Fed’s preferred measure of inflation – due today at 12:30 GMT miss expectations, validating Fed’s patience on rates.
Friday’s US GDP released indeed carried a big beat on the headlines. The details, however, revealed a slowdown in consumer spending – a main engine of the US economy – indicating the world's biggest economy remains on track for a more pronounced slowdown in the coming quarter than the one seen in the first couple of months of 2019.
Trend: Intraday bullish
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