Forex: AUD/USD entrenched in negative territory at 1.0329

FXstreet.com (Barcelona) - The AUDUSD has stubbornly consolidated in negative territory Thursday, as analyst projections and reasons to invest against the AUD crowd the newswires. The slow and gradual bleeding has occurred over several weeks, which continues to underperform its 50 and 100-hourly SMAs.

According to the NAB Analyst Team, "In light of recent data, we initiate our downward revisions to forecasts for next week's Q2 GDP estimate, as the AUD could move more decisively into the lower half of a 1.0300 - 1.0400 range."

Presently the pair has settled at 1.0329, trading negatively at -0.20% during European trading. The technical analysts at Mataf.net have identified the next supports at 1.0297, 1.0271, and finally 1.0221. Should the pair recover or engage in an uptrend, the next short-term resistances will be enabled at 1.0373, then 1.0423, and 1.0449.