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Forex: AUD/USD testing lows around 1.0420

FXstreet.com (Barcelona) - The Aussie dollar is easing some ground at the moment, visiting session lows in the boundaries of 1.0420 despite the risk-on context.

In the data front, the NAB Business Confidence improved to 2 in March from 1 in the previous month. “But Business Conditions, which is a more concrete snapshot of the here-and-now deteriorated quite noticeably with the index falling to -6.8 from -3.5 in February. March’s reading continues the trend decline in business conditions that started in 2010 and is the lowest since mid-2009”, commented Adrian Foster, Analyst at Rabobank.

At the moment, the cross is up 0.10% at 1.0422 and a breakout of 1.0431 (MA10d) would expose 1.0440 (high Apr.5) and finally 1.0455 (hourly high Apr.4).
On the downside, support levels align at 1.0404 (MA21d) followed by 1.0391 (MA200d) and then 1.0375 (hourly lows Apr.8).

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