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FXstreet.com (San Francisco) - AUD/USD finished with a slight gain Wednesday, ending the North American session at 1.0512 before hitting a 3-week high of 1.0534, and falling to an intraday low of 1.0485 on disappointing retail sales figures from Oz.

Greg McKenna, Chief Executive at GlobalFX offers his immediate outlook for Aussie, saying that, from a technical standpoint, "… I find it hard to be bullish at the moment; the support has been strong and only a break of 1.0490 might knock Aussie a little lower now - watch the Chinese trade data today."

Sean Lee, founder of FXWW says in a research note that: "We can expect to see some stops sitting above 1.0585 which might come into focus but the medium-term 1.02/1.07 range trade still looks like the way to go." Mr. Lee also acknowledges the Chinese data as main risk event today in Asia, and says that investors should "look to AUD/JPY for any significant flows" in the hours ahead as the data is likely to generate volatility in risk trades.

For now, AUD/USD is gently offered in early Asian trade, with short term support noted at the psychological 1.0500 figure. A slip below there may open scope for a test of bids around 1.0490 (No 27 high). The 1.0525 mark may offer resistance on rallies. Spot last exchanges at 1.0508.

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