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Forex: AUD/USD upside capped by 1.0400

FXstreet.com (Barcelona) - The Aussie dollar is extending its intraday upside on Tuesday, partially recovering from yesterday’s sharp sell-off although still unable to follow through the key resistance at 1.0400.

In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented the cross “has fallen with the gold price to reach the 1.0294/61.8% retracement. This is held the initial test but beyond a small rebound we look for a slide back to 1.0204, the 11th March low en route to the 1.0116 recent low”. The analyst added that upside attempts should be contained around 1.0396/1.0403, keeping the bearish bias while below these levels.

At the moment, the cross is up 0.74% at 1.0389 with the next resistance at 1.0420 (hourly high/low Apr.15) ahead of 1.0437 (MA21d) and finally 1.0446 (MA10d).
On the flip side, a breakdown of 1.0335 (hourly lows Apr.16) would open the door to 1.0291 (low Apr.15).

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