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Forex: AUD/USD remains capped by 1.0290

The Australian dollar rose against the greenback on Thursday, extending its recovery from a 4-month low as a rate cut seems less likely in Australia after Q4 Capital Expenditure fell 1.2% versus a rise of 1.0% expected.

AUD/USD rallied nearly 100 pips during the Asian session and hit a high of 1.0289 before stalling, just where it did yesterday. The pair has pulled back slightly during European hours and it is currently trading around 1.0260, where it records a 0.3% daily gain.

As for technical levels, if the AUD/USD manages to clear the 1.0290 zone, next resistances are seen at 1.0325 (200-day SMA) and 1.0370 (Feb 15 high). On the other hand, supports could be found at 1.0250 (20-hour SMA), 1.0200 (psychological level) and 1.0182 (Feb 27 low).

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