AUD/USD has largely traded in a narrow range in the Asian session and is unimpressed by the upbeat Chinese trade numbers released today.

AUD/USD has largely traded in a narrow range in the Asian session and is unimpressed by the upbeat Chinese trade numbers released today. The US-China trade tension and the Labor Day holiday in the US is likely to cause a low volume trading session. The immediate support level is at 0.7252 other supports are at 0.7222 and 0.72000. The intraday resistance is at 0.7290 while another resistance is present around 0.7324 level.

The pair is currently above the mid-Bollinger band while the upper-Bollinger band still favors a move until 0.7400. The SMA-21 is indicating support at 0.7234 and the SMA-50 is showing support at 0.7129. The relative strength index is at 57 and shows a slight uptick in the pair. The MACD is above zero line is currently not indicating a divergence or a crossover. Based on the price pattern and low volume, the pair can be bought for small moves. A decent buying entry would be at 0.7250 with a target of 40 to 50 pips. A tight stop-loss for this trade would be just below the 0.7222 support level.

Only a closing above 0.7300 can once again accelerate the uptrend. On the downside, bears would need closing below 0.72000 to take the pair further low.

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By ForexBriefcase Analyst Team

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