AUD/USD: back to bullish territory

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7476

The AUD/USD pair suffered a major setback during the past Asian session, with the Aussie undermined by Moody's decision to downgrade China's rating. The pair plunged to 0.7442, but managed to bounce back and trim all of its daily losses ahead of Wall Street's opening, supported by the positive tone in Asian and European equities. Despite the knee-jerk, the pair maintains the positive technical stance, as in the 4 hours chart, it quickly recovered above its 20 SMA, that now hovers near the 200 EMA, both a few pips below the current level, while technical indicators bounced from their mid-lines and hold within positive territory, lacking however directional momentum. The price needs to advance beyond 0.7515 to confirm further gains ahead, still aiming to retest the critical 0.7600 figure.

Support levels: 0.7450 0.7400 0.7360

Resistance levels: 0.7515 0.7550 0.7600

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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