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Forex pairs in this Article » AUD/USD (Barcelona) - The Australian Dollar has just broken through its Tuesday's high at 1.0320 after a surprising jump in the Westpac consumer confidence index, up an astonishing 7.7% vs a 0.6% last month.

The huge deviation between the prior and actual reading, highest since Dec 2010, has now the market speculating on lower chances of a possible rate cuts by the RBA. Westpac Consumer Confidence stood at 108.3 in Feb vs 100.6 in Jan.

As such, the AUDUSD spiked on the news, current at session highs at 1.0330, with key resistance mentioned earlier at 1.0350/60.

In view of Valeria Bednarik, chief analyst at "The hourly chart favors the upside, as indicators head north in positive territory while price stands above 20 SMA."

In the 4 hours chart however, Valeria sees indicators retracing from their midlines, suggesting renewed selling interest if pair regains 1.0270, which according to the analyst, "will likely favor more slides and see the pair retesting mentioned 1.0220 low."
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