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Forex: AUD/USD consolidating below 1.0400

FXstreet.com (Barcelona) - The Aussie dollar continues its correction lower from last week’s highs in the boundaries of 1.0500, falling to the current levels around 1.0375/80 as risk aversion is dominating markets on Monday.

“The construction sector weakened in March, according to the AiG Performance of Construction Index (a composite index similar in design to the US ISM, that is aimed at the construction industry)… Job ads, the ANZ monthly count, fell -1.5% MoM in March. The only common theme to these two data points is that the improved signs in February reversed in March. Neither are top tier indicators so are unlikely to change anyone’s view on the Australian economy”, commented Analyst Adrian Foster at Rabobank.

At the moment, the cross is losing 0.07% at 1.0376 facing the next support at 1.0355 (Low apr.5) ahead of 1.0351 (low Mar.19) and then 1.0322 (low Mar.18).
on the flip side, a break above 1.0390 (MA200d) would bring 1.0398 (MA21d)en route to 1.0415 (hourly high Apr.5).

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