AUD/USD bears help up at 0.7520 as markets get set for the French elections

Ross J Burland FXStreet

Currently, AUD/USD is trading at 0.7524, down -0.02% on the day, having posted a daily high at 0.7531 and low at 0.7521.

AUD/USD had a better day rallying from 0.7491 to 0.7547 with metals recovering and iron ore back on the approach to the 80 psychological handle. However, the greenback's rally capped the bid in the Aussie and took it down to the 20-sma on the hourly chart at 0.7522.

AUD/USD levels

Matías Salord explained that the technical indicators show no clear signals for the near future. "A consolidation during the Asian session seems likely, probable in the 0.7540/0.7500 range. A confirmation on top of 0.7550 would strengthen the Aussie for a stronger recovery while to the downside, a break under 0.7490 would expose April lows at 0.7470." Further out, analysts at Commerzbank explained that the longer term outlook negative: "The repeated failure in the 0.7750/0.7836 region, turns the market from the topside of a converging range and leaves it heading to the base of the range offered by the 2016-2017 uptrend at 0.7267."

Trading French elections?

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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