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AUD/USD continues to trade close to pivot

FXStreet (London) - An uneventful days trading for AUD/USD has seen the pair gently climb overnight before ranging between the daily pivot and R1 resistance levels.

The pair, currently up 0.44& at 0.8879 made a tepid attempt to test the 0.8900 level which also doubles up as R1. The high at 0.8896 was unrepeated and since spot has been content to trade with little volume in an around the daily pivot at 0.8867. Overnight, eye will be focusing on the RBA Steven's speech at 2:30 GMT.

Valeria Bednarik, FXStreet Chief Analyst writes, “Australian dollar has regained some ground against the greenback, albeit faltered at critical 0.8900 figure, trading mostly in range. The 1 hour chart shows price above its 20 SMA, but indicators heading south above their midlines, on increased dollar demand.

In the 4 hours chart the technical picture is still clearly bearish, with a break below 0.8830 required to confirm a downward extension. Risk of an upward move should came only with a steady advance above the 0.8920 price zone.”

CHF remains under pressure

USD/CHF has rallied strongly through the session as the dollar breaks out of its earlier range-bound trading.
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