Forex: AUD/USD resisting a break of 1.02

The Australian Dollar has been hit from its intraday highs around 1.0235 to re-approach the 1.0200 area, where bids ahead of it continue to protect the level. Current price stays at 1.0216 after a 1.0204 day low.

FXWW founder Sean Lee notes that acording to interbank reports, "thre was a very heavy turnover near 1.0200 overnight..." adding that "the volumes went through the roof as the price approached 1.0200. Should be interesting to see who blinks first."

According to Fan Yang, chief analyst at FXTimes, should 1.02 give up, "there is key support in the 1.0150-1.0175 area – support for a range that started in July 2012."

On the upside, "climbing back above 1.03 keeps the short-term neutral stance, but only a break above 1.0375 should take away the prevailing bearish tilt, and open up short-term targets in the 1.0455-1.0475" notes Fan.