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AUD/USD moves away from lows

FXstreet.com (Córdoba) - The Australian dollar lost ground versus the greenback and retested weekly lows at the 0.9740 area as cautious tone prevails ahead of Bernanke's testimony and the FOMC minutes.

AUD/USD dropped over 80 pips from Asian session highs and hit a low of 0.9739 before finding support, roughly at the same level it did on Monday. At time of writing, AUD/USD is trading around 0.9770, still down 0.3% on the day.

As for technical levels, if the AUD/USD falls below 0.9740 next supports could be faced at 0.9710 (low May 17) and 0.9700 (psychological level). On the other hand, resistances might be encountered at 0.9785 (100-hour SMA) and 0.9827 (daily high).

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