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Forex: AUD/USD still hovering above 1.0300

Weighed by the risk off environment, the Aussie extended its weakness into a second day on Wednesday, piercing the 1.0300 mark to hit a low of 1.0295 before finding support.

AUD/USD managed to bounce back above the 1.0300 level, and the 200-day SMA around 1.0310, but lacked momentum to extend its recovery beyond the 1.0330 area, and has spent the last hours consolidating just below.

At time of writing, AUD/USD is quoting around 1.0315, still down 0.7% on the day. On the downside, immediate supports are seen at 1.0295 (session low), 1.0260 (low Oct 24) and 1.0235 (low Oct 23). Meanwhile, resistances could be found at 1.0330, 1.0345 (low Dec 26) and 1.0360 (intraday level).

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