AUD/USD - Bullish move stalls at 5-DMA

AUD/USD found takers around Dec 20 low of 0.7223 levels in early Asia, but the subsequent bullish move failed at 5-DMA level of 0.7257.

Eyes US data

Trading volumes are likely to remain thin in Europe, but activity may pick up pace in the US session following the release of the Q3 GDP release and US durable goods orders release.

Later in the day, we also have the US personal spending and income report scheduled for release. A strong personal spending number could easily overshadow GDP and durable goods release and strengthen the bid tone around the US dollar.

AUD/USD Technical Levels

The spot clocked a high of 0.7258 before trimming gains to trade around 0.7245 levels. A break above the 5-DMA level of 0.7258 would expose 0.7311 (Nov 21 low), above which 10-DMA level of 0.7349 could offer resistance.

On the other hand, a breakdown of support at 0.7234 (previous day’s low) could yield a break below 0.72 (zero figure) and a drop to 0.7145 (May 24 low).