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AUD/USD loses all daily gains and falls to 0.8705

FXStreet (San Francisco) - After rejecting the 0.8765 level, the highest since November 2, the AUD/USD fell all the American session to find support at 0.8705, where the pair experienced some buying interest.

However, the rebound was not strong enough and the AUD/USD is now trading at 0.8718, flat on the day, having posted a daily high at 0.8767 and low at 0.8672. AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

AUD/USD sentiment

FXStreet chief analyst Valeria Bednarik highlighted that "in the 4 hours chart however, price has managed to bounce from a still bullish 20 SMA, whilst indicators maintain a bullish bias above their midlines."

"In this last time frame, 200 EMA offers next strong resistance in the 0.8780 price zone," Bednarik points out, "with a clear break above opening doors for an upward continuation beyond the 0.8800 figure."

If the pair extends decline below the 0.8705 area, next supports are at 0.8680 and 0.8590. To the upside, resistances are at 0.8760, 0.8800 and 0.8850.

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