AUD/USD oscillates above 0.7100

Ani Salama FXStreet

FXStreet (CÃ³rdoba) - AUD/USD has entered a consolidative phase on Wednesday, having steadied following sharp moves at the beginning of the week when the Aussie posted fresh 6-year low at 0.7036 on the back of a risk-off wave.

AUD/USD managed to recover from multi-year lows but the upside was capped by the 0.7250 zone on Tuesday confining the pair to a narrow range. At time of writing, AUD/USD is trading at 0.7125, little changed since opening.

AUD/USD technical perspective

â€œThe pair is short term neutral, with the price struggling around a bearish 20 SMA and the technical indicators lacking directional strength around their mid-linesâ€, said Valeria Bednarik, chief analyst at FXStreet. â€œIn the 4 hours chart, however, the bearish bias prevails, with the price well below a strongly bearish 20 SMA and the technical indicators turning back south after a limited upward correction in positive territoryâ€.

Bednarik locates immediate support levels at 0.7095, 0.7050 and 0.7010, while she sees resistances at 0.7150, 0.7200 and 0.7240.

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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