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Forex pairs in this Article » AUD/USD (Barcelona) - The AUDUSD managed to have an immaculate bounce off technical support at the 1.02 level, closing NY at 1.0250, almost unchanged from the post China trade balance price setting. We are certainly going through a trendless period in this pair.

At the moment, AUDUSD enters Asian session "with a limited bullish tone in the short term, as the hourly chart shows positive technical readings with no strength at the time being" comments Valeria Bednarik, Chief Analyst at

"Overall, the upside remains limited as long as the pair trades below 1.0270 immediate resistance" Valeria adds. In view of NAB Strategists, if the RBA minutes -today at 00.30GMT - is interpreted as 'dovish', "it should keep the AUD in check beneath Monday's highs of 1.0270." If the market reads the RBA minutes as 'hawkish', then a possible break of 1.0270 may see a quick test of the 1.0300 area.

The 4 hours chart, as Ms. Bednarik notes, "continues to show a neutral stance, giving no much clues on direction." A break below 1.0200 is likely to signal further selling pressure for Aussie, Valeria suspects, "although only below 1.0160 the bearish momentum will gain strength" the analyst concludes.

According toGreg McKenna, CEO at LightHouseSecurities, "the AUD looks like it might be building upside momentum but the 1.0290 200 day moving average might be solid support again if it can get there. On the Daily price action, the AUD is not really going anywhere and only a break of either 1.0150 or 1.03 would lead to a bigger move.
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