FXstreet.com (Córdoba) - The Australian dollar managed to trim intraday losses during the American session, although as many crosses in the FX market, AUD/USD entered in a consolidation phase on Monday and has spent most of the day in a slim range.

After bottoming out at 1.0525, AUD/USD managed to stage a mild bounce that was capped by the 1.0550/55 zone in recent dealings. At time of writing, AUD/USD is quoting at the 1.0545 area, little changed since opening.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com argues that the pair holds a bearish tone. "Steady gains above 1.0570 however, will deny the possibility of more slides and support and advance towards 1.0620, while losses below 1.0510 will open doors for a bearish movement towards 1.0460 price zone", the analyst commented.