FXStreet (Mumbai) - AUD/USD’s recovery from near 0.70 handle ran out of steam at the stiff resistance of 0.7050 levels and the prices recede gains as oil returned to the red. AUD/USD: Bears guarding the 0.7050 fencing? Currently, the AUD/USD pair trades 0.39% higher at 0.7033, having posted day’s high at 0.7051 and day’s low at 0.7007. Having peaked at 0.7050 in recent dealings, the Aussie drifted slightly lower, only to find fresh bids at 0.7020 region and climbed back higher, where it now wavers. Despite the wobble seen in the oil price action so far this Wednesday, the AUD/USD pair remains resilient and keeps gains on the back of upbeat fundamentals, which squashed hopes of a RBA rate cut as early as next week. The CPI rose 0.4% over the October-December period, easing from the 0.5% in the September quarter but higher than forecasts of 0.3%. Meanwhile, markets will continue to digest the better than expected Aus CPI report ahead of the FOMC decision due later today in the NY session. AUD/USD Levels to watch The pair heads higher and finds the immediate resistance at 0.7076 (Jan 8 High) above which gains could be extended to the next hurdle located at 0.7090/0.7100 (Daily R1/ psychological levels). On the flip side, the immediate support located at 0.6986/82 (1h 100-SMA/ Daily pivot) Selling pressure is likely to intensify below the last, dragging the Aussie to 0.6940/39 (Daily S1/ 1h 200-SMA) For more information, read our latest forex news.