Forex: AUD/USD recovers the mark of 1.0538/40

FXstreet.com (Barcelona) - The AUDUSD has spanned a broad 82 pips Thursday (1.0494 intraday low, 1.0578 intraday maximum), however it was not until European trading that a recovery attempt off its lows took place, culminating in a 40-pip movement that took the pair to 1.0538/40 at the time of writing.

Despite the recent recovery, the AUDUSD is still operating at a -0.35% loss Thursday. The ICN.com analysts point to the next supportive measures at 1.0490, onto 1.0460, and ultimately 1.0435. Should the pair continue to edge higher, resistances lie ahead at 1.0550, then 1.0585, and 1.0600.

In the United States, Housing Starts (MoM) were reported at 0.954M in December, against a consensus of 0.890M. Meanwhile Building Permits (MoM) yielded a result of 0.903M in December, which was in line with expectations. Finally, Initial Jobless Claims (January 12) came in at 335K, beating projections of 365K.

According to the ICN.com Analyst Team, "Consolidating on the linear regression indicator 55 still supports the return of positivity for the AUDUSD, however at the same time we need confirmation with prolonged stability above 1.0535 levels again. Therefore, we are forced to remain neutral for the rest of today's session till we have confirmations of stability above the referred to level."