Forex: AUD/USD remains under pressure after Greek debt deal

FXstreet.com (San Francisco) -The Australian dollar is trading slightly lower this Tuesday, having reached the 1.0680 price zone in an RBA-fueled selloff from an earlier high of 1.0756, but encountered moderate buying interest at the mentioned lows following reports that European Union finance ministers had come to an agreement on the Greek debt situation.

Technically speaking, “AUDUSD continues its sideways movement between 1.0628 and 1.0844,” says Franco Shao, Chief Analyst at ForexCycle.com. “As long as 1.0628 key support holds, the price action in the range is treated as consolidation of the uptrend from 0.9861 (Dec 15, 2011 low), and one more rise to 1.0900 is still possible after consolidation.”

Last at 1.0720, AUD/USD is recording a 0.30% loss on the day, to the downside, further support is noted at 1.0650, while, to the upside, resistance is seen at 1.0770.

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