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AUD/USD: 0.6990 key support under threat? - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair ended the day a few pips below the 0.7100 level, with the Aussie unable to benefit from a strengthening gold.

Key Quotes:

"Overall, commodity-related currencies edged lower, following the negative mood among stocks, although the AUD/USD pair decline was contained by buying interest around 0.7080.

The RBA will release the Minutes of its latest economic policy meeting during the upcoming Asian session, which will likely determinate the fate of the currency. In the meantime, the 1 hour chart shows that the price has bounced from the mentioned low, but remains below a bearish 20 SMA, whilst the technical indicators remain in negative territory, limiting chances of a stronger recovery.

In the 4 hours chart, the price is also below its 20 SMA that anyway maintains a bullish slope, whilst the technical indicators have turned slightly higher, but are still below their mid-lines. The immediate support comes at 0.7070, with a break below it required to confirm a continued decline towards the 0.6990 price zone."

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