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FXstreet.com (San Francisco) - After reaching a 3-week high of 1.0001 in overnight trading, AUD/USD sold off heavily at parity and closed Thursday's NA session in red at 0.9892 vs. 0.9924 late Wednesday.

A speech by RBA Governor Glenn Stevens, scheduled at 0330 GMT, will be key risk event for the Australian dollar today. Traders will be listening closely to the Governor's language as this week's strong first-quarter GDP figures and news of surprisingly strong job creation have raised questions about the need for further rate cuts.

From Valeria Bednarik, Chief Analyst at FXstreet.com: "In the 4 hours chart, indicators … head south from extreme oversold readings, while 20 SMA stands around the 38.2% retracement of the sale rally at 0.9840, key support for the pair, as once below, chances of a return to 0.9700 increase strongly."

AUD/USD consolidates within a tight 20-pip range around the 0.9900 handle this Friday ahead of the Tokyo fix, last quoted near the upper end of the range at 0.9910. Support levels seen at 0.9870, 0.9840 and 0.9800, while the upside may provide selling interest at 0.9930 and 0.9965.

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