Forex: AUD/USD slowly creeping higher; key resistance at 1.0420

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Forex: AUD/USD slowly creeping higher; key resistance at 1.0420

FITITOL--> FXstreet.com (San Francisco) - AUD/USD is pushing higher in Asia, having reached an early session high of 1.0373 following the RBNZ decision to leave the official cash rate on hold, and preserves the bid tone after the Feb Conference Board Australia showed no change in its leading index, last at 1.0363 vs. 1.0350.

According to Valeria Bednarik, Chief Analyst at FXstreet.com the pair found some buying interest overnight on positive sentiment and stocks gains, and managed to break above the daily descendant trend line coming from 1.0855 late in the US session.

“The pair needs to extend gains above 1.0420, to turn short term bullish, and ease some of the actual selling pressure,” says Ms. Bednarik. Farther to the upside lies resistance at 1.0450, while support levels lie at 1.0330, 1.0300 and 1.0260.