FXstreet.com (Barcelona) – The Australian dollar has erased all of its losses from the day despite the mixed data out of China and the NAB business confidence index (-3.0 from -2.0 in June). The pair has fluctuated during the European session, trading between 1.0158 (daily min) and 1.0240 (daily max).
According to technical analysts at Commerzbank, ” AUD/USD has fallen back to the key support at 1.0152/70 yesterday – this is the location of the short term uptrend and the 23.6% retracement of the move higher seen in June. We would allow for a near term rebound from here, ahead of further losses. Rallies are expected to remain mild.”
In these moments, the cross is trading around 1.0227, advancing +0.19% above the opening price. According to the technical analysts at ICN.com, the pair will find the next short-term resistance at 1.0285 and 1.0310. On the downside, the supports are located at 1.0150, 1.0130 and finally 1.0095.