AUD/USD Hovers Near 0.7050, Faces Resistance at 100-Day SMA
The Australian dollar consolidates near a one-month high around 0.7050 against the US dollar, struggling to clear the 100-day moving average as the greenback regains some demand.
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The AUD/USD pair is trading near 0.7050, its strongest level since June 17, after touching this area during the Asian session. The move comes amid signs of reviving demand for the US dollar.
Bullish momentum is facing a key technical hurdle at the 100-day Simple Moving Average, situated around the mid-0.7000s. Repeated attempts to break above this barrier have so far failed, keeping the pair in a consolidation phase.
Source: FXStreet Forex News