AUD/USD recovery meets string supply at key 0.7280

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.7214 with a high of 0.7280 and a low of 0.7161.

AUD/USD has turned south again after a dramatic recovery from the downside of the post FOMC’s moves and exceeded the initial highs of the spike in the closing session for the week. AUD/USD rallied from below the 0.72 handle and scored highs of 0.7279 before supply took the pair back down to test the commitments of the bulls through 0.7220 support to current lows at 0.7210 so far.

Stevens has testified yesterday before Parliament and offered a bullish outlook for the Australian economy, explaining that the RBA are content now where they are on interest rates.

AUD/USD recovery stalling

Technically, support comes at the 0.7200 level, 0.7111 is the 200 SMA and 0.7089 that all guard 0.6905 recent lows ahead of 0.6774 being the 2004 low longer term. On a continued recovery 0.7280 ahead of the key 0.7430 and 0.7600.
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Source:: FX Street