Forex: AUD/USD developing downward in slowmo'  V. Bednarik

FXstreet.com (San Francisco) - Monday saw the Australian dollar hit a 5-week low against its US counterpart, then extend to new lows in early Asia, as the AUDUSD cross managed to slip below the 55-day EMA and reach 1.0358, a price not seen since July 26.

"The bearish trend continues developing in slowmo," says Valeria Bednarik, Chief Analyst at FXstreet.com. "In the 4 hours chart the general view is bearish although lacking strength as per the tight intraday range seen these last few days."

AUDUSD is now quoted in the 1.0365 area. If the downward momentum continues in the sessions ahead, Ms. Bednarik identifies immediate support at 1.0360, then 1.0330 and 1.0300. Upside rallies may find resistance at 1.0380, 1.0410 and 1.0440.

Australian HIA New Home Sales figures for July are due today, at 01:00 GMT; a surprising read may inspire a dose of volatility in the minutes following release, but sluggish trade is expected to remain the dominant theme in Asia.