Forex: AUD/USD rejected from 1.04 highs

FXstreet.com (Barcelona) - Relatively better than expected data form China thru the weekend have prompted the Aussie to the upside in very early trade printing daily highs so far at 1.0409 in the interbank market at 21:50 GMT. But the pair is coming back to its closing price on Friday, last at 1.0388 bids, as concerns over Greece keep mounting, and ahead of another bank holiday in the US on Monday.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the "Australian dollar holds to its bullish trend against the greenback, as the pair stands above a daily ascendant trend line coming from 1.0150 low from early October, currently around 1.0360 and immediate support," the analyst says.

Valeria also notes that while "Short term bearish, the pair may extend its slide once below the trend line, towards the strong static support level around 1.0330; only an extension below this last will jeopardize the existing bullish tone and expose 1.0270 area in the short term. Back above 1.0410, the upward momentum will resurge, with scope for and advance towards 1.0500 area," she concludes, locating support levels at: 1.0360, 1.0335, and 1.0300, while resistance levels at: 1.0410, 1.0445, and 1.0480.