FxWirePro: AUD/ USD stuck in range but bias is bullish

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• AUD/USD was little changed on Monday as investors awaited Australia’s June-quarter economic growth print to gauge the outlook for interest rates.

• Australia’s second-quarter GDP report, due this week, could set the stage for the Reserve Bank of Australia’s interest rate trajectory when officials meet later this month.

• At GMT 03:25, the pair was trading up 0.02% at 1.6764, close to Friday’s high of 1.6820

• Technical highlight upside risks for AUD/ USD, with momentum studies, 5, 10 and 21 DMAs tracking north.

• Immediate resistance is located at 0.6797 (Aug 27th high), any close above will push the pair towards 0.6826 (23.6%fib).

• Support is seen at 0.6749(38.2%fib) and break below could take the pair towards 0.66931 (50%fib).

Recommendation: Good to buy around 0.6770, with stop loss of 0.6660 and target price of 0.6850

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