AUD/USD finds support above 0.7600, remains in range

AUD/USD tumbled after Yellen’s testimony at the Senate Banking Committee and found support above 0.7600, holding inside the current trading range. 

The pair was testing February highs slightly below 0.7700 and dropped sharply to 0.7616, hitting the lowest level since last Thursday. During the last hours, the USD rally lost strength and AUD/USD rose back toward the 0.7650 area, trimming losses. 

AUD/USD continues to trade in the range between 0.7600 and 0.7700 as it has been the case since the beginning of the current month. 

Outlook 

According to Valeria Bednarik, Chief Analyst at FXStreet, AUD/USD met some buying interest on a slide down to 0.7617, signaling that speculative interest is still willing to buy the dips towards 0.7600. 

“Confined to its usual 0.76/0.77 range, the pair maintains its neutral stance in the 4 hours chart, as the price is a few pips below a horizontal 20 SMA, whilst the Momentum indicator heads modestly lower right below its 100 level, whilst the RSI indicator already turned higher around 48, limiting chances of further slides”, said Bednarik.