Forex: AUD/USD sticks to 1.0450 as safety net

FXstreet.com (Barcelona) - AUD/USD is currently at 1.0453, off fresh weekly lows at 1.0438, down -0.56% for the week. The pair resumes the fall started yesterday around the 1.0550 level, following better than expected HSBC PMI China that printed a 20-month high, but dragged down again on fears over North Korean nuclear threats, and weighed on worse domestic CPI data earlier in the week.

“The break below 1.0490 is now quite significant,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com, “and the hourly chart shows the bearish momentum remains healthy: renewed selling pressure below the 1.0430 area will put the pair under further pressure, although 1.0390 is the level to beat to see a midterm downside continuation,” she adds.

Valeria sees support levels at: 1.0430, 1.0390 and 1.0345, while resistance levels at: 1.0455, 1.0490 and 1.0520.

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