Forex: AUD/USD bulls eye 1.0510 as key level – V.Bednarik

FXstreet.com (San Francisco) - AUDUSD finished in the 1.0485 price zone for a second day Monday after trading in a 1.0464-1.0504 range intraday. Technically speaking, spot is holding in a neutral stance with little clues on direction, according to Valeria Bednarik, Chief Analyst at FXstreet.com. "In the 4 hours chart a slightly bullish tone persists, yet unless a clear break and follow trough beyond 1.0510, buyers will have to wait," she says in a research note.

So far in early Asia-Pacific trade, AUDUSD is slightly offered, having traded down into the 1.0480 area as investors remained cautious ahead of a deal on Capitol Hill to keep the world's largest economy from sliding back into recession. Traders however should expect another fairly quiet day in Asian markets today with little on offer in the way of economic data. Ms. Bednarik identifies support levels at 1.0460, 1.0430 and 1.0400, while resistance lies at 1.0510, 1.0550 and 1.0570.