AUD/USD Consolidates Around 0.7200, Still Under Pressure

AUD/USD Consolidates Around 0.7200, Still Under Pressure

19 May 2016, 18:43
Roberto Jacobs
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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).


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