AUD/USD is slightly bid after the consumer inflation expectations came in at the same as the 3.6% prior. The price is trading above the 200 sma on the hourly chart of 0.7097. The day overnight was all about Yellen, but she failed to set off any real fireworks, we have seen enough of those recently, and she tempered markets with no surprises and stuck to the script. the dollar was bid initially, but fell apart gradually as the question of negative rates was brought up, that Yellen managed to side step and remained cautiously optimistic in respect to job and inflation. Meanwhile, Gold is up through $1,200 as a supportive factor. Turning to the RBA, markets will now await Stevens testifying tomorrow and awaiting to hear whether he can remain equally as optimistic besides the global headwinds and commodity prices looking lower for longer. AUD/USD levels Technically, Valeria Bednarik, chief analyst at FXStreet explained that "In the 4 hours chart, the 20 SMA and the 200 EMA providing an immediate support around 0.7070, while the technical indicators aim higher within neutral territory, lacking enough strength to confirm a new leg higher. The pair needs to advance above the 0.7135 region, a Fibonacci resistance, to be able to extend its advance this Thursday." The pivot is at 0.7092, R1 is located at 0.7145 and S2 at 0.7003. A continuation of the upside, R1 is 0.7145, R2 0.7181 and R3 0.7234. The key upside is 200 dma is at 0.7311. For more information, read our latest forex news.