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Forex: AUD/USD flat around 1.0540/45

FXstreet.com (Barcelona) - The Aussie dollar continues to trim earlier gains, retreating to the area of 1.0545/50 after climbing above 1.0580 during the European morning, leaving behind the poor employment data in Australia.

“On Monday it hit a low near $1.0350 and has moved within striking distance of the $1.06 cap that has been the bulls' nemesis in both December and January. Technical indicators give it scope to take it out, and quest for yield in the private sector coupled with reserve demand from the official sector, provides a fundamental basis”, commented the analysts at BBH.

AUD/USD is now advancing 0.03% at 1.0546 with the next resistance at 1.0599 (high Jan.10) followed by 1.0625 (high Mar.20) and finally 1.0637 (high Mar.19 2012).
On the flip side, a breakdown of 1.0524 (broken trendline) would bring 1.0500 (low Apr.11) and then 1.0474 (low Apr.10).

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