Forex: AUD/USD above 1.04 ahead of a busy day

FXstreet.com (Barcelona) - Busy day ahead for Aussie, last at 1.0428, off daily highs at 1.0450, and bouncing from a double low at 1.0379 printed in early London trade, following Monday's low around same level. Few key risk events for this pair in the next few minutes, starting with Aus manufacturing PPI at 00:30 GMT, followed 30 minutes later by China manufacturing PMI, and final HSBC manufacturing PMI China at 01:45 GMT. AUDUSD is about 10 pips higher so far for the week.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: "for the short term, the hourly chart shows price above a flat 20 SMA while indicators stand above their midlines, turning lower. In the 4 hours chart technical readings look more bearish, with indicators retracing from their midlines and 20 SMA flat above current price. Fresh weekly lows should point for a test of the 1.0300/30 price zone," the analyst concludes.

Valeria finds support levels at: 1.0380, 1.0330 and 1.0300, while resistance levels at: 1.0440, 1.0470 and 1.0500.