09:14, 18 March

Daily Analysis

On Tuesday last week we covered the AUDUSD which spent the remainder of the week consolidating in a narrow range right above the key level of 0.7050. Just leading up to last week the AUDUSD rallied well and moved back up that level. In the last few weeks however the AUDUSD has fallen from near 0.72 down to its lowest levels in two months at 0.70 before the recent rally. For the most part in the last two months, the AUDUSD has traded within a narrow range between 0.7050 and around 0.72. 
In early February the AUDUSD fell back down to support at 0.7050 after meeting stiff resistance at the key 0.73 level, and it is currently relying on support from 0.7050 which has supported the currency pair several times and very well since October 2018.