FXstreet.com (Barcelona) - The bearishness around the Aussie dollar continues to prevail on Wednesday, extending the weekly decline to the current 1.0320 region, following session lows in the proximities of 1.0300 figure. Soft domestic releases plus the idea of the AUD being an ‘overvalued’ currency have been weighting on the cross these past sessions.

“We await a close below 1.0345 to confirm that the market has topped and trigger a slide to the 1.0149 October 2012 low”, commented Karen Jones, Head of FICC Technical Analysis at the German lender Commerzbank. The expert also added that the market would remain biased towards the downside while the cross trades below 1.0486/90