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Forex: AUD/USD consolidates above 1.0300

The Australian dollar entered into a consolidation phase during the American afternoon after the AUD/USD rally found resistance at the 1.0335 area.

AUD/USD backed away from a 2-week high of 1.0334, but with the subsequent dip being contained by the 10-hour SMA at the 1.0310 zone, the pair was left in a range. At time of writing, AUD/USD is trading around 1.0320, still up 0.4% on the day.

As for technical levels, if the Aussie breaks above the 1.0335 area, next resistances are seen at 1.0355 (200-day SMA) and 1.0400 (psychological level/100-day SMA), while on the other hand, supports could be found at 1.0265/70 (intraday low/20-day SMA), 1.0255 (100-hour SMA) and 1.0200 (psychological level).

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