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AUD/USD minor recovery stalled on 0.70 handle

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7005 with a high of 0.7030 and a low of 0.6978.

AUD/USD is stabilizing around the key 0.70 handle with some dollar strength coming through from Yellen suggesting a rate hike will come before the year is out depending on economic data. The Aussie was scoring some territory on the 0.70 handle on a move that commenced in the European shift and was extended in the US until last couple of trading hours. The highs were 0.7042 from a solid move where 0.6938 came as the low in Europe.

AUD/USD stuck in familiar ranges

While we trade within familiar ranges, 0.6905 is a key support that of broken opens the 0.6774 2004 low. To the upside, last week's high at 0.7279 guards 0.7448 July 21 high.

Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the technical indicators head higher below their mid-lines, but are far from confirming additional advances, whilst the 20 SMA maintains a strong bearish slope, providing a strong intraday resistance around 0.7050.

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