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Forex pairs in this Article » AUD/USD (San Francisco) - AUDUSD continues to consolidate in a tight range beneath 1.0500 in early Asia. Order of moving averages are diverging and aiming higher, suggesting the path of least resistance lies to the upside.

Spot holds a slight negative bias at the time of writing, last quoted at 1.0485. "The upside however, continues to be favored and even dips towards 1.0400/30 area should be seen as buying opportunities," says Valeria Bednarik, Chief Analyst at "Clear break above recent highs around & 1.0510 will open doors for an advance towards the 1.0600 price zone."

Chinese Trade Balance data is on offer today in Asia with consensus expectations for at 26.7B surplus (vs. 32.0B). Should data surprise and the market break out of its range, Ms. Bednarik identifies resistance levels the mentioned 1.0510, 1.0550 and 1.0600, while support levels lie at 1.0460, 1.0430 and 1.0400.
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