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Forex: AUD/USD steadies above 1.0300

The Australian dollar has continued to weaken on Wednesday after the RBA meeting and extended losses against the greenback to a 3-month low.

After briefly falling below the 1.0300 level, the AUD/USD managed to stabilize above that mark. However, with the recovery capped by the 1.0320 area, the pair was confined to a narrow range where it has spent the last hours.

At time of writing, AUD/USD is trading around 1.0305/10, 0.7% below its opening price. On the downside, immediate supports are seen at 1.0295 (session low), 1.0260 (low Oct 24) and 1.0235 (low Oct 23). On the other hand, resistances could be found at 1.0320, 1.0345 (low Dec 26) and 1.0360 (intraday level).

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