AUD/USD opened the Asian trade at 1.0524 and, after very little pullback, began its campaign to target lower levels, last quoted in the 1.0475 area, 50 pips below the open. This price action comes despite Tuesday?s strong performance in US equities, which favored a bullish bias in the cross.
Technically speaking, ?Back above 1.0470, the pair is biased to the upside as long as above that level, with hourly chart supporting the bias as per a strong 20 SMA heading higher. Pair seems to be finding resistance in the 1.0520/30 area, so once above, expect a retest of the 1.0600 price zone,? comment Valeria Bednarik. To the downside, support levels lie at 1.0470, 1.0440 and 1.0420. To the upside, resistance levels lie at 1.0500, 1.0530 and 1.0570.
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