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Forex: AUD/USD retreats from highs

FXstreet.com (Barcelona) - After hitting fresh highs around 1.0480, the Aussie dollar is now giving away part of those gains, retreating to the 1.0470 region.

“In the short-term, some downside risks remain for the AUD. Global growth concerns, fresh weakness in metals prices or further interest rate cuts by the RBA would weigh on the AUD. But we expect that the AUD will remain above parity for most of this year”, suggested the research team at NAB.

At the moment, the cross is advancing 0.22% at 1.0473 with the next resistance at 1.0497 (high Mar.27) followed by 1.0555 (high Jan.24).
On the flip side, a breach of 1.0445 (MA10d) would bring 1.0387 (MA200d) and finally
1.0386 (low Apr.1).

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