AUD/USD consolidates around 0.8100
- AUD/USD consolidates near recent highs and retains the bullish tone
- Investors await key US data to be released later this week
AUD/USD has traded within a limited range on Monday, not far from its multi-year high struck on Friday, as investors await a series of major economic events later this week.
AUD/USD pulled back from a 32-month peak of 0.8135 amid a stronger greenback and entered a consolidative phase around the 0.81 mark over the last hours. The pair hit a low of 0.8073 and bounced but failed to gather momentum. At time of writing, AUD/USD is trading at 0.8090, still 0.25% below its Friday’s close.
AUD/USD retains the bullish tone
“The pair's decline was limited even despite gold and oil prices edged sharply lower, somehow reaffirming the bullish stance of the pair”, said Valeria Bednarik, chief analyst at FXStreet, who added that technical indicators suggest that the pair may well correct further lower short-term, without hurting the dominant bullish trend.
AUD/USD technical levels
As for technical levels, next supports could be faced at 0.8065 (100-hour SMA), 0.8029 (200-hour SMA) and 0.8000 (psychological level). On the upside, resistances are seen at 0.8135 (32-month high, Jan 26), 0.8162 (May 2015 high) and 0.8200 (psychological level).