FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair trades near its daily around 0.7227, weighed by the negative tone in commodities.
Key Quotes:
“The pair turned short term bearish this Tuesday, as the 1 hour chart shows that the price is now below a bearish 20 SMA, whilst the technical indicators have turned lower below their mid-lines, pointing for a test of the 0.7200 figure. In the 4 hours chart, the price is right below a directionless 20 SMA, whilst the technical indicators present tepid bearish slopes below their mid-lines, in line with further declines.
On the downside, the psychological 0.7200 level will hold off some supply until a push for the 0.7180/90 breakout point. Below there targets key psychological support of 0.7000.”
(Market News Provided by FXstreet)