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Forex: AUD/USD threatening 1.0400

FXstreet.com (Barcelona) - The Aussie dollar is hovering over the key support of 1.0400 on Thursday, extending its correction lower almost one big figure since Wednesday’s highs in the boundaries of 1.0500, despite the upbeat data from retail sales and building permits this early morning.

“Prices pulled back from the resistance at 1.0483, the 76.4% Fibonacci retracement, to challenge the 61.8% level at 1.0412. A break below that targets the 1.0355-65 area. Alternatively, a reversal above resistance eyes the multi-month range at 1.0597”, argued Currency Analyst at DailyFX, I.Spivak.

At the moment, the cross is down 0.53% en 1.0405 with the next support holding at 1.0389 (MA200d) ahead of 1.0386 9low Apr.1) and finally 1.0363 (low Mar.21).
On the flip side, a surpass of 1.0498 (high Apr.3) would open the door to 1.0555 (high Jna.24) and then 1.0560 (hourly high/low Jan.23).

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