AUD/USD: bid so long as 0.74 holds - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that, technically, AUD/USD remains around the 38.2% retracement of this year's advance at 0.7450, and the hourly chart shows that the 20 SMA, has turned south around the same level.

Key Quotes:

"The technical indicators are advancing within negative territory, and despite showing upward strength, they remain below their mid-lines, not enough at this point to confirm further gains.

In the 4 hours chart, the price is now consolidating around a bullish 20 SMA, whilst the technical indicators have corrected extreme overbought readings, but lost downward strength within positive territory, limiting chances of a stronger decline as long as buying interest keeps surging on declines towards the 0.7400 region."