Forex: AUD/USD weakening below 1.0370

AUD/USD is currently 1.0345, off session lows at 1.0337, retracing from fresh weekly highs at 1.0368 reached by late NY session, up +0.41% for the week so far. The Aussie is showing some weakness following not so good domestic economic data, specially against Euro, the strongest currency major as of late, with EUR/AUD at 1.2980, near weekly highs.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart maintains a bullish tone according to technical readings, which suggest another round of buying could be seen over the upcoming hours: in that case, price needs to break above 1.0410 resistance to erase last days’ negative bias and attempt an extension towards the 1.0500 price zone. Lose of 1.0330 on the other hand, will expose the downside, again towards 1.0260/70 price zone,” Valeria concludes.

The analyst sees support levels at: 1.0330, 1.0300 and 1.0260, while resistance levels at: 1.0370, 1.0410 and 1.0460.