AUD/USD Technical Analysis: 0.7100 becoming a popular level for the ranging Aussie

The past twenty-four hours found the AUD/USD taking steps higher, but the action has been a halting trial as the pair remains overly exposed to the back-and-forth of risk flows, which largely find themselves cycling into and out of the US Dollar. The 0.7100 handle remains a key target for Aussie bidders, but the downside into Tuesday's bottoms at 0.7055 remains a risk factor unless buyers can push the AUD/USD over resistance at 0.7120.

• AUD/USD analysis: Aussie recovers, bullish above 0.7120

AUD/USD, M5

Over the past week, the Aussie has struggled against the Greenback as broader markets prefer the Greenback amidst ongoing trade angst that has been the hallmark of 2018, and the AUD/USD has slipped from recent resistance near 0.7150, and the pair's current attempt to springboard off of the week's lows sees the Aussie challenging the 0.7100 key technical barrier, the 50% Fibo retracement of the week's topping pattern.

AUD/USD, M30

The past four weeks shows the Aussie's topping pattern solidifying from the 0.7150 zone, and the start of a sideways consolidation pattern is beginning to firm up between the recent highs and the bottoms near 0.7050, and following the recent decline from the 0.7240 region, the pair could be primed for a continued move lower on the higher timeframes.

AUD/USD, H4