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AUD/USD corrects after testing 0.7091 as support holds near 0.7050
The pair is still above its 4-hour 100 and 200 simple moving averages, with a rising channel pointing to potential bids around 0.7050.
The Australian dollar edged higher against the US dollar, forming a base above 0.6980 and pushing through the 0.7000 and 0.7025 resistance levels, before starting a correction after a high at 0.7091.
Technical levels on the 4-hour chart point to the move retracing toward the 23.6% Fibonacci level of the upswing from 0.6922 to 0.7091, while the pair remains above the 100 and 200 simple moving averages.
Action Forex notes a rising channel with support near 0.7050, with upside resistance around 0.7080 and 0.7100, and a close above 0.7100 potentially opening the door for a push toward 0.7145.
On the downside, the analysis identifies bids near 0.7050, then key support at 0.7025 and 0.7000, with a break below 0.7000 putting 0.6960 and 0.6920 back in focus.