Forex: AUD/USD extends its decline, around 1.0215/20

The Aussie dollar is keeping the late negative bias, trading well below the key 1.0300 figure around 1.0215/20 after dipping to a 4-month low in the boundaries of 1.0200 after Bernanke’s testimony on Tuesday.

In the data space, Australian Construction Work Done in Q4 fell 0.1% vs. 1.5% forecasted and +1.9% previous. “The CWD report is broadly consistent with the RBA’s observation in their February Quarterly Statement that “dwelling investment has begun to recover after declining steadily through 2011/12” and keeps alive their expectation that “business investment is likely to have increased”, noted the research team at NAB.

As of writing, the pair is losing 0.14% at 1.0215 with the next support at 1.0200 (low Feb.26) ahead of 1.0196 (Lower Bollinger) and finally 1.0175 (low Oct.9).
On the upside, a break above 1.0237 (hourly high Feb.27) would open the door to 1.0287 (MA10d) and then 1.0292 (high Feb.26).