Forex Flash: AUD/USD bearish below 1.0398 – Commerzbank

FXstreet.com (Barcelona) - After dipping to the boundaries of 1.0220, the Aussie dollar found buying interest that lifted the cross to the current region of 1.0255/60, ahead of tomorrow’s key inflation figures in Australia. Market consensus expects consumer prices to rise 2.8% on a yearly basis during the first quarter.

According to Karen Jones, Head of FICC Technical Analyst at Commerzbank, the cross “has again sold off and will shortly encounter initial support and take profit at 1.0220/04, the 78.6% retracement and the 11th March low… The market remains directly offered below its 200-day ma at 1.0398”.