AUD/USD is trading 0.36% higher to 0.72056 after dropping after moving nearly 50 pips yesterday. The intraday support levels are at 0.7185 and 0.7163. The near-term resistance areas are at 0.7246 and 0.7271.
Yesterday’s candle has closed just below the small consolidation phase and with the ongoing strength in USD, the pair now appears to be extending the downside well below the 0.7200 mark. The SMA-14 resistance line is at 0.7267 and the SMA-50 resistance area is at 0.7313. The RSI is at 40 and still away from an absolute oversold zone and could well be a driving factor for the bears which makes it ideal for selling entries near 0.7210 with a target of 0.7165 and a stop-loss at 0.7245.
