Forex: AUD/USD still capped below 1.05 awaits China trade balance

FXstreet.com (Barcelona) - While RBA's Kent has been giving a speech pointing out current high levels in Aussie might hurt mining spending thus growth for 2013, FXBriefs.com editor Peter Fell reported, worst Westpac consumer confidence data in a year has been just released, sending AUD/USD to fresh session lows at 1.0476.

The pair retraces from late NY session highs at 1.0510, highest since January, hitting the 1.05 area for third time since mid March. Australian consumer data comes ahead of China trade balance, that is expected at any time soon. AUD/USD is still +0.99% higher for the week, while +0.83% year to date.

Immediate support to the downside for AUD/USD lies at yesterday's Asia-Pacific highs 1.0450, followed by yesterday's lows at 1.0410, and Monday's NY session lows and previous weekly close Friday at 1.0380. To the upside, closest resistance shows at mentioned fresh 2-month highs 1.0510, followed by Jan 14 lows at 1.0520, and Dec 18 highs at 1.0560.