AUD/USD consolidates gains after strong rally

FXStreet (Córdoba) - The Aussie is among the best performers Wednesday, with the pair being buoyed by better-than-expected Australian GDP and comments from RBA Stevens that essentially ruled out further easing.

AUD/USD has risen more than 70 pips throughout the day, breaking above the 0.9330 area (now turned into support) to hit its highest level in 2 days at 0.9347 and reversing completely Tuesday’s losses.

The recent release of US factory orders slightly below expectations (10.5% vs 11.0%) barely affected the greenback, leaving AUD/USD within a striking distance of daily highs. At time of writing, AUD/USD is trading at 0.9340, recording a 0.73% rise on the day.

AUD/USD technical outlook

From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that short-term indicators are losing upward strength, limiting chances of a continued advance.

As for technical levels, Bednarik locates next resistances at 0.9370, 0.9410 and 0.9460, while supports are seen at 0.9330, 0.9300 and 0.9260.