Forex: AUD/USD outlook bullish while above 1.0290 - V.Bednarik (San Francisco) - AUD/USD lost ground for a second day Wednesday, extending as low as 1.0337 (3-day low) before closing the US session down around 20 pips to 1.0367, weighed by December RBA rate cut expectations next month.
“Despite the noise, the pair continues to be trapped in the 1.0300/1.0410 area, and seems market is comfortable playing such extremes,” comments Valeria Bednarik, Chief Analyst at “Beware of Chinese data however, that can shook the pair if reading diverges strongly with the previous reading.” The analyst also notes that, the downside will remain limited while spot trades above 1.0290.

AUD/USD currently stands around the 1.0370 mark in early Asia, with resistance levels noted at 1.0410 and 1.0445, while support is noted at 1.0330. Below the mentioned 1.0290 level lies further support at 1.0260. The HSBC Manufacturing Purchasing Managers Index (PMI) for November will released today at 01:45 GMT.