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Forex: AUD/USD knocks fresh 3-month lows at 1.0250

With AUD/USD currently down about -0.68% for the week so far since previous weekly close Friday, the pair is trading at 1.0251 bids near session and fresh 3-month lows, ahead of NAB business confidence in Australia, only risk event for the Asian session, in a day with China closed for holiday again. As FXWW Sean Lee notes: “AUD sentiment remains quite weak and its losing ground again against the EUR and the NZD but barrier protection at 1.0250 and AUD/JPY buying are providing support.”

“The hourly chart,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, “shows 20 SMA gaining bearish slope above current price while indicators head south below their midlines, pointing for further falls. In the 4 hours chart technical reading also favor the downside, as momentum accelerates lower while 20 SMA capped the upside on several attempts to regain ground,” she concludes.

Valeria locates support levels at: 1.0260, 1.0220 and 1.0170, while resistance levels at: 1.0300, 1.0330 and 1.0370.

Forex Flash: Heads up on market holidays - Wetpac

Markets reopen in Japan and S Korea but remain closed in Singapore, Hong Kong, mainland China, Malaysia and Taiwan, notes Sean Callow, FX strategist at Westpac.
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