AUD/USD: bulls defending 0.7190 – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair advanced up to 0.7269 in the American afternoon, having been advancing ever since the day started.

Key Quotes:

“But the rally lost steam, as commodities remained under pressure, despite dollar’s intraday weakness, with gold prices unable to hold to their early gains. The technical picture shows that the pair has been limited to a tight range for most of this Monday, with the price meeting short term buying interest around 0.7240, now the immediate support.”

“In the 1 hour chart, the price is struggling around a bullish 20 SMA, whilst the technical indicators have turned lower, now hovering around their mid-lines, and still unable to confirm further declines. In the 4 hours chart, the price remains above its 20 SMA, but the technical indicators are turning slightly lower above their mid-lines, lacking directional strength at the time being. In this last time frame, the 200 EMA stands around 0.7190, a major support as the price has held above it for most of this October, with buyers still defending the level.”
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Source:: FX Street