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Forex: AUD/USD bounces from 4-month low

The Australian dollar extended its decline toward a fresh 4-month low versus the dollar weighed by stocks that also fell to fresh session lows during afternoon trade.

AUD/USD bottomed at 1.0219, last seen Oct 15, but it found buyers and quickly bounced to the 1.0245 area where it is trading at time of writing, little changed since opening.

As for technical levels, next supports could be found at 1.0219 (low Feb 21), 1.0200 (psychological level), 1.0175 (daily low Oct 9). Resistances on the other hand are seen at 1.0265 (high Feb 21), 1.0300 (psychological level), 1.0310 (10-day SMA).

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