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FXstreet.com (Barcelona) - The Aussie dollar has extended its intraday upside overnight, buoyed by the risk-on mode prevailing in the markets. Last inflation figures in the Australian economy are still bolstering the cross, although it's failed to follow through 1.0380 so far.

According to Adrian Foster, analyst at Rabobank, "after the 3Q CPI yesterday and against the backdrop of global markets essentially trading sideways recently, albeit with sharp daily moves up and down, the market has lost a degree of confidence in the November rate cut call. Current pricing has chances at 55%. It was as high as 85% priced until recently".

AUD/USD is now up 0.14% at 1.0368 and a break above 1.0383 (high Oct.19) would aim to 1.0412 (high Oct.18) and 1.0430 (Upper Bollinger).
On the flip side, support levels are located at 1.0320 (hourly high/lows Oct.24) followed by 1.0236 (low Oct.23).

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