AUD/USD has recovered above the 0.70 handle after slipping to as low as 0.6973 on Tuesday's trade.
- We see strong resistance for the pair around 0.7095 levels - 0.7095 Feb 9th highs, 0.7094 10-DMA, 0.7093 5-DMA.
- Breaks above could take the pair to 0.7220 which is strong trendline resistance (joining 0.7385-Dec 4th, 0.7327-Dec 31st and 0.7243-Feb 4th highs).
- Techs suggest downside for the pair, Stochs, RSI and MACD are biased lower, tests of 0.6937 likely.
- Immediate resistance is seen at 0.7095 (Feb 9th highs), while support on the downside is located at 0.70 (Feb 3rd lows).
- Focus remains on Yellen's testimony and US crude supply data due later in the US session today which could have a major influence on the pair.
Recommendation: Good to sell rallies around 0.7050, SL: 0.71, TP: 0.70/0.6985/0.6950
