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AUD/USD finds support at 0.7140

FXStreet (Córdoba) - AUD/USD failed to regain the 0.7200 mark and came under pressure on Monday, weighed by weak Chinese data, having dropped more than half a cent throughout the day.

AUD/USD bottomed out at 0.7140 but found support and managed to trim some of its intraday losses following below expectations US housing data. At time of writing, the pair is trading at 0.7150, still 0.51% on the day.

AUD/USD technical view

“AUD/USD is not far from the 0.7200 level, and the 1 hour chart presents a mild negative tone, as the price develops below a bearish 20 SMA, whilst the technical indicators remain in negative territory, slowly turning south”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is below its 20 SMA and its 200 EMA, in the 0.7190/0.7200 region, while the technical indicators are turning higher around their mid-lines, lacking clear strength but limiting chances of a downward extension, as long as the price holds above the daily low”.

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