Forex: AUD/USD entrenched at lows at 1.0223/27

FXstreet.com (Barcelona) - The AUD/USD has taken a tumble Thursday, trading at session lows near 1.0223/27 during European trading. Following mixed overnight data out of Australia, the pair is now suffering from a movement of -0.46% off its opening.

“The AUD/USD is trading in a downside bias, halting the continuation of positivity after breaking 1.0295. Momentum indicators reflect negative signals but, we are tipping an intraday downtrend because the stochastic is in overbought areas.” warns the ICN.com Technical Analyst Team.

According to Research Analyst Gareth Berry at UBS, “The pair targets the support at 1.0221. A break here would be negative opening 1.0115. Resistance is at 1.0313 ahead of 1.0385, suggesting a bearish outlook.”