AUD/USD off lows and above 0.70 handle

By FXStreet The offered tone around USD gathered traction amid risk-off in the US session, paving way for a minor correction in the AUD/USD pair to 0.7010 levels.

Supported by 0.6973

The spot recovered from the low of 0.6973. Oil was trading higher earlier today, but that did not help Aussie avoid losses. Moreover, the focus now is on the banking sector jitters across Europe and in the US.

However, the falling Fed rate hike bets helped the Aussie take back minor part of its losses. Chinese markets are closed on account of Lunar New Year holidays, hence the Aussie is a the mercy of domestic data and broader market sentiment.

AUD/USD Technical Levels

The immediate support is seen at 0.70, under which the spot could re-test the daily low at 0.6973, which if taken out shall open doors for a drop to 0.6918 (Jan 26 low). On the other hand, a break above 0.7034 (Feb 2 low) would expose resistance at 0.7086 (10-DMA) ahead of the major hurdle at 0.7111 (5-DMA).
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Source:: FX Street