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AUD/USD Price Analysis: Aussie recovering after sell-off

  • The AUD/USD currency pair is attempting to recover after dropping near two-month lows. 
  • A sideways consolidation can be on the cards.  
 

AUD/USD daily chart

 
Since early January, the spot has been falling sharply. However, the bulls are trying to create a base near a key support level. If the buyers can break the 0.6751 resistance the market might be creating a successful bullish reversal. Conversely, below the above-mentioned level, the market is more likely to consolidate losses. Support is seen at the 0.6677 and 0.6647 price levels, according to the Technical Confluences Indicator.
 

Additional key levels 

 

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