AUD/USD: Additional gains are limited

AUD/USD bullish potential is limited but the rally can continue on dollar’s weakness, according to FXStreet’s Chief Analyst Valeria Bednarik.

Key quotes  

“Chances of additional gains are limited, according to the daily chart. In the mentioned time-frame, technical indicators advance, recovering from extreme oversold levels, but still below their midlines.” 

“In the 4-hour chart, the pair has remained above a bullish 20 SMA but met sellers around a 100 SMA. Technical indicators hold within positive levels, skewing the risk to the upside without confirming further advances.”

“Support levels: 0.6125 0.6070  Resistance levels: 0.6200 0.6240”