AUD/USD Consolidates Around 0.7200, Still Under Pressure
AUD/USD
stabilized around 0.7200 during the last hours as the US dollar pulled
back across the board after a strong rally that followed the release of
the minutes from the Federal Reserve yesterday.
The pair bottomed before the beginning of the American session at
0.7174, the lowest level since March 2. From the lows it rebounded
rising back above 0.7200. The recover from the lows found resistance at
0.7220.
At the moment the pair trades at 0.7205/10, down 0.25% for the day.
AUD/USD is falling for the second day in a row but it was able to move
off session lows and so far to regain 0.7200. Greenback lost strength in
the market while US stocks remain near the lows and as gold and oil
prices trimmed losses.
AUD/USD technical levels
To the upside, resistance levels might be located at 0.7225/30 (American
session high), 0.7240/45 (daily hihg / May 16 low) and 0.7305/10 (May
16 high). On the opposite direction, support could be seen at 0.7185
(Asian session low), 0.7140 (Feb 24 low) and 0.7100/05 (Feb 29 & Mar
1 low).
