AUD/USD retreats modestly, still above 0.7000

By FXStreet FXStreet (Córdoba) – AUD/USD reached overnight the highest level in a week at 0.7067 and then pulled back modestly. Currently it trades at 0.7035/40, up 0.30% for the day.

AUD/USD consolidating above 0.7000

The pair traded so far all day above 0.7000. Two hours ago dropped to 0.7016 but quickly bound aback toward the 0.7040 area, where it had been consolidating since the European session. Risk appetite is giving support to the aussie and also to emerging market currencies.

Resistance at 0.7060/65 and 0.7206

The upside was capped by the 0.7060/65 area that is a key level, that also offered resistance last week and acted as a support late in August. A break and a consolidation on top of 0.7065 could open the doors for an extension of the bullish correction.

According to Arnaud Masset, Market Analyst, at Swissquote on the upside, the next key resistance stands at 0.7206, “while on the downside, the September 4th low of 0.6908 will act as support.”
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Source:: FX Street