AUD/USD consolidates after Yellen’s testimony

By FXStreet AUD/USD has been trading within range between 0.7128 and 0.6973 this week as we head towards RBA’s Stevens testifying tomorrow. In the US today however, it was Yellen who took the stand.

Congress were firm and she had some difficult questions to testify to, but all in all, Yellen pulled off a cautiously optimistic rhetoric and while there are uncertainties, she is confident that the Fed will continue to hike at a gradual pace while the inflation target will be met in the medium term, despite global deflationary pressures. For today, Australia’s consumer inflation expectations for February are due and were previously at 3.6%.

AUD/USD levels

AUD/USD is testing the 100 sma on the hourly time frame that stands at 0.70963 currently. The 100 sma was penetrated towards the close in the US shift, but a lack of volume is behind the move that started yesterday from 0.6973 the low.

Beyond a phase of consolidation between the 50 sma at 0.7065 and 0.7140 resistance, 0.7046 is the pivot while S1 is located at 0.6996, S2 at 0.6923 and S1 is located at 0.6872. R2 is at 0.7169.
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Source:: FX Street