AUD/USD bulls looking for above 0.7050 – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair sunk to a daily low of 0.6938, before turning sharply higher mid American afternoon, advancing up to 0.7042 before finally stalling.

Key Quotes:

“The Aussie suffered by a poor performance in the price of metals, and a steady decline in worldwide stocks during the first half of the day, with the late recovery being a reflection of Wall Street’s advance. Technically, the 1 hour chart shows that the price is hovering around the 23.6% retracement of its latest bearish decline, whilst the technical indicators have lost their upward strength, but remain well into positive territory, as the 20 SMA turns higher below the current price.

In the 4 hours chart, the technical indicators head higher below their mid-lines, but are far from confirming additional advances, whilst the 20 SMA maintains a strong bearish slope, providing a strong intraday resistance around 0.7050.”
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Source:: FX Street