Forex: AUD/USD stalls below 1.0540 awaiting RBA Stevens

FXstreet.com (Barcelona) - Following North Korea rocket launch, finally falling into the sea, and Hang-Seng at fresh 4-month highs, AUDUSD is currently retracing at 1.0531, near session lows, from previous fresh 3-month highs at 1.0451 in early Asia-Pacific trade. Worse than expected Westpac consumer confidence in Australia had little negative impact on the pair, and now market is waiting for RBA Governor Glenn Stevens to speak at the Bank of Thailand, in Bangkok at 04:30 GMT.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: "The hourly chart shows a strong upward momentum after a brief correction of overbought readings, while in the 4 hours chart the break of the wedge coming from late September also supports more advances with scope now to test the 1.0620 price zone, huge static resistance level," the analyst says, who adds: "While is a bit early to start considering so, a reversal around the area if reached could be an interesting selling opportunity in the AUDUSD, as 1.0650 should cap the upside over the next few weeks," Valeria concludes.

Support levels are seen by Valeria at: 1.0510, 1.0460 and 1.0430, while resistance levels at: 1.0550, 1.0570 and 1.0620.