AUD/USD: resistance is still strong

AUD/USD: resistance is still strong

Information is not investment advice

Although the Federal Reserve switched to the dovish stance, the policy of other central banks seems even looser. As a result, the USD gets support versus riskier currencies like the AUD.

Have a look at the weekly chart: AUD/USD is facing resistance in the 0.7130 area, while the candlesticks have long upper wicks. The weekly close below 1.7100 will increase the negative pressure. Conservative traders may sell the pair below 0.7060 targeting support at 0.7020 (October low).

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To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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