Forex: AUD/USD trading negatively at 1.0450

FXstreet.com (Barcelona) - A mild case of risk aversion has permeated the antipodean markets Wednesday, sapping the AUD of any momentum against its American counterpart. After bottoming out at 1.0433 (daily min) earlier today in European trading, the pair has made modest strides towards the upside, though is still entrenched in negative territory.

According to Technical Analyst Mark De La Paz at FX Instructor, "We have a possible uptrend in the AUDUSD hourly charts suggesting a possible bounce in prices. The immediate support at 1.0444 is rated as moderate. The onset of a credible bullish reversal pattern is considered just above 1.0444 with the immediate target at the pivot point of 1.0481. A break of this level will suggest a further rally towards 1.0522."

The exchange rate has settled in the region of 1.0450, whilst still sustaining a -0.33% loss on the day. The AUDUSD will face additional measures of support at 1.0444, 1.0403, and finally 1.0366, according to De La Paz. On the upside, the pair's rise will be stymied by resistive means located at 1.0481, then 1.0522, and 1.0559.