Forex: AUD/USD dives under 1.0300

In a market with most trading places closed over holiday, and only Australia left open for business, 15 pips down in AUD/USD looks like a big deal. Last at fresh session lows 1.0294, the pair is down -0.24% so far for the session since previous weekly close Friday, following worst decline in home loans in Australia since late 2010 recently released. Aussie ASX index is slightly down -0.06% for the day, with oil and gold totally flat.

According to CMT and FXstreet.com Independent Analyst Fan Yang: “AUD/USD closed on Friday(2/8) with an outside bar and a test of the previous support pivot of 1.0340 as resistance. It closed at 1.0313, below this pivot. To start this week, a return back above 1.0350 calls for some very short-term bullish outlook, but a return above 1.0475-80 pivot area will be needed to give the AUD/USD a bullish outlook toward the 1.06 handle and range high (range since mid-2012). Under 1.0350, the market still has room toward the bottom of the noted range with support in the 1.0150-1.1065 area,” the analyst concludes.

Mr. Yang sees support levels at: 1.0175, 1.0215 and 1.0268, while resistance levels at: 1.0361, 1.0401 and 1.0454.