Forex: AUD/USD stalls at 5-week highs 1.04

Following massive run higher yesterday in AUD/USD post-Aus jobs data, the pair is last at 1.0370 near session lows, off recent fresh 5-week high at 1.0401 printed in early NY trade. The pair is up more than +1.5% for the week so far, the biggest weekly gain since Sept last year. Chances for another rate cut from the RBA are diminishing.

“The hourly chart is showing price challenging to the downside its 20 SMA that turned flat after the pair corrected lower,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Indicators in the same time frame hold in positive territory and corrected extreme overbought readings, yet price pressures lower. In the 4 hours chart indicators also head lower still in positive territory, pointing for at least a bearish correction, with 1.0330 as immediate support level to watch,” the analyst concludes.

Valeria sees support levels at: 1.0330, 1.0300 and 1.0280, while resistance levels at:  1.0400, 1.0440 and 1.0490.