The AUD/USD dropped sharply earlier and found support around the 1.0625. The mention support was tested after Wall Street opening and managed to hold. To the upside, the recovery of the Aussie was capped by the 1.0675 zone. Currently AUD/USD trades at 1.0650, 0.70% below today’s opening price, and continues to move sideways consolidating losses ahead of the release of the European stress test results.
“The sideways range of 1.0500-0800 remains intact and it is now trading at the middle of this range. A breakout of this sideways range will determine the further direction of move,” wrote the Kshitij Consultancy Services Team.
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