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Forex: AUD/USD regains 1.0400 but loses momentum

The Australian dollar managed to trim intraday losses versus the greenback, as the AUD/USD found buyers once again near the bottom of its recent range. AUD/USD bounced from a low of 1.0369 and climbed back above 1.0400 during the American afternoon.

However, the recovery has been capped by the 1.0410 zone, and at time of writing AUD/USD is trading around 1.0400/05 area, still down 0.3% on the day.

"The overall picture shows the pair in consolidation within the 1.0350/1.0475 range. With indicators neutral to slightly bearish, a break below 1.0350 could open the way to 1.0280", says the FXstreet.com team. "On the other hand, above the 1.0410 level (20-hour SMA), the short-term picture could improve and the pair may attempt a rise towards the 1.0460/75 zone".

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