Forex: AUD/USD testing lows around 1.0450

FXstreet.com (Barcelona) - The Aussie dollar is grinding lower on Thursday, navigating in the 1.0450/60 region after hitting 1.0480 overnight on better domestic data. In fact, New Home Sales rose 3.4% during October, up from September's contraction of 3.7%. Private Capital Expenditure rose 2.8% during the third quarter below the previous 3.4%.

According to analyst Adrian Foster at Rabobank, "These CAPEX data also include an estimate of full year investment and this saw a downward revision from A$181B to A$173B in fiscal year 2012/2013 (the current year ending June 2013). The downward revision to expectations was broad-based and not just confined to the mining sector. There's no doubt that investment momentum is slowing but my read of these data is that it's still fairly strong. Investment will still be 10% higher in 2012/13 than the prior year if these expectations are realized".

The cross is down 0.18% at 1.0456 with the next support at 1.0423 (high Nov.20) followed by 1.0404 (MA10d) and then 1.0397 (MA21d).
On the upside, a breakout of 1.0480 (Upper Bollinger) would open the door to 1.0491 (high Nov.27) and 1.0519 (high Sep.21).