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Forex: AUD/USD finds support below 1.0240

FXstreet.com (Barcelona) - The Aussie dollar extended its intraday decline to sub 1.0240 levels, where buying interest has now lifted the cross back to the mid 1.0250s.

“The outlook remains negative following its recent ‘return to point of break out’ (i.e retested the previous channel). This together with the 200-day ma offers resistance at 1.0398/1.0440. While capped here, the market will remain directly offered”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank.

At the moment, the cross is losing 0.33% at 1.0244 and a breach of 1.0230 (hourly low Mar.11) would bring 1.0202 (low Mar.11) and then 1.0188 (low Mar.5).
On the upside, resistance levels line up at 1.0308 (high Apr.22) followed by 1.0358 (high Apr.19) and finally 1.0392 (MA10d).

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