FXStreet (Buenos Aires) - The week starts with the AUD/USD pair maintaining its last week's gains, a few pips below the 0.7200 in early interbank trading.
The AUD/USD has closed two weeks in-a-row with solid gains, "finding some support in a strong recovery in gold, as the commodity surged up to $ 1,140 on relief, after the FED left its rates on hold," according to Valeria Bednarik, FXStreet.com chief analyst. Additionally, RBA's Governor Glenn Stevens in his testimony before the House of Representatives Economic committee, said pretty much that a rate hike is out of the table in Australia, whilst the Central Bank is comfortable with current rates and Aussie levels.
Technically, and according to Mrs. Bednarik, " the pair seems to have set an interim bottom around 0.6900, this month low, albeit the daily chart shows the pair has faltered twice around 0.7280, now the level to beat to confirm the bullish trend can extend into the upcoming days." She also adds that for the upcoming hours, and according to the 4 hours chart, " the risk has turned lower, with the technical indicators heading south and about to cross their mid-lines towards the downside, and the price resting around its 20 SMA and the 200 EMA, both converging around 0.7180. The main support however, comes a few pips below it, at 0.7170, the 50% retracement of its latest daily decline, measured from 0.7439 to 0.6906."
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