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Forex: AUD/USD falls in European trading

The AUD/USD didn't hold above the 1.0350 line, close to the opening price, and edged lower throughout the European morning. The cross reached as low as 1.0318, for now, and is quoting quite close to that area still.

The market is being pressured mostly on demand for the EUR/AUD and EUR/NZD. Wage prices in Australia rose 0.8% in Q4 (QoQ) as expected, but eased more than predicted in the annual basis, from 3.7% to 3.4%, instead of 3.5%. Westpac Leading Index rose 0.2% (MoM) in December, following a 0.7% rise in November.

“As long as 1.0375 (15/02/2013 high) resistance holds, we favor a decline towards 1.0149", wrote MIG Bank analyst Bijoy Kar. "An hourly support can be found at 1.0275 (18/02/2013 low). Another resistance is at 1.0458 (05/02/2013 high)", he added.

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