Price action reveals sideways trading range as the pair struggles to recover earlier losses after bouncing off from 0.9012 lows. At 0.9026, the pair aims relentlessly to detach from immediate support at 0.9024 (August 20th lows) followed by 0.8991 (July 20th highs) and 0.8944 (August 2nd highs). On the upside, resistances are aligned at 0.9056 (August 15th lows), 0.91 (August 20th highs) and 0.9130 (August 7th highs).
According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis.
FXstreet analyst Valeria Bednarik states “the AUD/USD continues to refuse to accelerate below the 0.9000 level, having spent most of the past two days ranging around the level. Nevertheless, the upside also remains limited, with sellers so far aligned in the 0.9050 price zone. As for technical readings, the hourly chart shows a slightly positive tone, with indicators above their midlines and price holding above a flat 20 SMA, while the 4 hours chart maintains a neutral stance.”