Forex: AUD/USD trading near support at 1.0506

FXstreet.com (Barcelona) - The AUDUSD plummeted earlier today after the release of Chinese data during the overnight session Friday. Overall, the pair has traded in a broad-based 56-pip consolidation (1.0505 daily minimum, 1.0561 daily maximum). At the time of writing, the pair is trading near calculated support at 1.0506, attempting to hold onto the 1.0500 level following a -0.34% decline on the day.

Mataf.net analysts cite the next short term supports at 1.0506, followed by 1.0468, onto 1.0443. Conversely, the AUDUSD breaking above the 1.0539 region will initiate resistances at 1.0594, and 1.0632.

According to Research Analyst Gareth Berry at UBS, "We reiterate our neutral rating for the AUDUSD as long as support at 1.0432 holds. However, we are still searching for any life in the exchange, which will be confirmed on cross higher in momentum."