AUD/USD inches towards 0.7000 but key resistance levels still seen limiting gains

Technical Analysis

Author: Justin Low | audusd

AUD/USD holds near session highs at 0.6998 currently

AUD/USD D1 12-07
ForexLive
The pair is continuing to benefit off a weaker dollar in the second half of this week as price now moves closer towards the 0.7000 handle today. There are noted offers around the area but buyers should instead be wary of the key levels just above that instead.

The 100-day MA (red line) helped to limit gains in the past two weeks of trading and that level sits at 0.7023 currently. Adding to that is the trendline resistance from June last year, resting at 0.7047 at the moment.

Those will be the two key levels seen limiting gains for buyers in the coming sessions. Although the dollar is holding weaker to start the day, Treasury yields are still holding up relatively well and that could help to provide some relief for the greenback ahead of the FOMC meeting at the end of this month.

As such, keep an eye on the technical levels above as they are likely to provide sellers with an area to lean on in order to "get back into the game".

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