AUD/USD: bearish bias below 0.7070 – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar edged slightly lower this Wednesday, weighed at the beginning of the day by a strong slump in metals, particularly copper, which fell again towards record lows.

Key Quotes:

“The AUD/USD pair, however, traded within its latest range, having extended its decline by a few pips, and reaching 0.7068 right after the US Central Bank’s Minutes release.

The pair presents a bearish short term tone, given that in the 1 hour chart, the price failed to recover above a bearish 20 SMA, while the technical indicators hold deep in negative territory. In the 4 hours chart, the price remains well below a bearish 20 SMA although the technical indicators have turned slightly higher, but are still below their mid-lines, something that at least should maintain the downside limited in the short term.

Anyway, renewed selling pressure that sends price below 0.7070, should finally see bulls capitulate, and the pair declining down to the 0.7000 region.”
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Source:: FX Street