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Forex: AUD/USD limited under 1.0290 so far

Following NAB business service survey coming in softer than previous at 1 for the month of February vs 3 in January, AUD/USD is holding well near session and weekly highs at 1.0280 last, off 1.0286. The pair is up +0.45% for the week so far, and -1.06% for the year. Australian ASX is slightly lower down -0.08% for the day, while US SP500 index closed higher by +0.32% at another fresh 5 year high, highest since Nov 2007.

From the technical perspective: “The hourly chart shows indicators turning lower from overbought levels, but price still above the trend line and well above a bullish 20 SMA,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In the 4 hours chart, technical readings present a slightly bullish tone, but unless price manages to stand firm above the 1.0300 area, the upside remains limited,” she concludes.

Valeria sees support levels at: 1.0250, 1.0220 and 1.0180, while resistance levels at: 1.0280, 1.0310 and 1.0345.

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