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Forex: AUD/USD records 4th weekly loss in a row

The Australian dollar is on track to close the day with mild gains although it registers the fourth weekly loss in a row after peaking at 1.0597 early January.

The recovery of the AUD/USD from a 3-month low was capped by the 1.0340/50 area on Friday, forcing the pair to slid back toward the 1.0300 area during the NY session, despite the positive tone seen in stocks. At time of writing, AUD/USD is trading around 1.0315, still up 0.3% on the day.

"AUD/USD needs a decisive break above 1.0350, level which has been capping upside attempts, to improve the outlook with 1.0380 as next target", says the FXstreet.com team. "On the downside, immediate support is seen at 1.0290, but a loss of 1.0250 would increase pressure and expose 1.0200".

At the moment, the cross is losing 0.20% at 1.3371 facing the next support at 1.3349 (low Jan.25) ahead of 1.3265 (low Jan.23) and then 1.3215 (Lower Bollinger). On the flip side, a break above 1.3462

The pessimism around the euro after Draghi’s press conference on Thursday continues to weight on the cross, now dragging the single currency to the region of 1.3650, as the trading week draws to a close...
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