Forex: AUD/USD struggling around the 1.0500

FXstreet.com (Barcelona) - AUDUSD is currently at 1.0502, off fresh session lows at 1.0493, exactly same lows from Thursday's followed worse than expected Aussie jobs data. The pair opens the week modestly selling off, lower from previous weekly close Friday around the 1.0510 mark.

"Short term bearish," says Valeria Bednarik, Chief Analyst at Fxstreet.com, "the hourly chart shows price hovering around a strongly bearish 20 SMA while indicators retreat from their midlines, heading back lower in negative territory. In the 4 hours chart bias is also negative according to technical readings, with chances of an extension towards 1.0430 if 1.0480/90 support finally gives up," Valeria notes.

She finds support levels at: 1.0490, 1.0450 and 1.0430, while resistance levels at: 1.0520, 1.0550 and 1.0580.