AUD/USD loses upward momentum

AUD/USD extended its recovery from multi-week lows on Wednesday, as the greenback was trading softer across the board.

AUD/USD climbed to a peak of 0.7278, last seen Dec 21, but then gave up a few pips to currently trade around 0.7265, still up 0.7% on the day.

Trading remains quiet in the absence of major data, while investors await the FOMC’s last meeting minutes, that will be released later on the day.

AUD/USD technical levels

In terms of technical levels, next resistances are seen at 0.7300 (20-day SMA), 0.7368 (Dec 16 high) and 0.7400 (psychological level). On the flip side, supports could be found at 0.7206/00 (10-day SMA/psychological level), 0.7164/59 (Jan 2 low/Dec 23 low) and 0.7100 (psychological level).