Forex: AUD/USD finds rock solid support at 1.0290 bid line

FXstreet.com (Barcelona) - AUD/USD is last at 1.0294, around same levels from Monday's previous 1-month lows. The pair has already found support around this level for 7 times already since Monday, last 3 times since NY session. AUD/USD is down -2% for the week so far, retracing from recent session highs at 1.3011, while local share markets trade in the green overall.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the favored bias continues to be to the downside as the 4 hours chart shows 20 SMA still heading strongly south, while momentum retraces from the 100 level and heads south into negative territory,” the analyst notes, adding: “The 1.0280 area comes as immediate support but a stronger one is located a few pips below, around 1.0260: the pair presents several daily highs and lows around the area that the market can’t ignore. A break below this last however, will set the tone in the pair, with 1.0100 area then possible for next week,” she suggests.

Valeria spots support levels at: 1.0280, 1.0260 and 1.0220, while resistance levels at: 1.0335, 1.0380 and 1.0410.