AUD/USD just can't get a handle on ... 0.73 - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that AUD/USD has entered a consolidative stage mid May, following an over 650 pips retracement from its year high.

Key Quotes:

"The latest developments suggests that the AUD is not yet ready to recover."

"For the short term, the technical outlook is now bearish, as in the 1 hour chart, the price is being capped by a bearish 20 SMA, whilst the technical indicators head south within negative territory.

In the 4 hours chart, the price is now below the 20 SMA, whilst the technical indicators head modestly lower after breaking below their mid-lines, also in line with a bearish continuation for this Friday."