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FXstreet.com (Barcelona) - After yesterdays rapid surge, the AUD/USD has held onto the 1.0500 level, albeit loosely Thursday, as the pair is hovering near opening levels presently. Despite the minor misstep in overnight trading (1.0475 session low), the cross has settled at 1.0506/08.

According to the ICN.com Analyst Team, "The AUD/USD is trading with volatility and a downside bias after the upside move; the bearishness was limited above key support of the upside move keeping the possibility of extending positivity. Trading above the 1.0410 levels keeps the possibility of the upside move valid during today's session."

ICN.com analysts point to resistances at 1.0530 onto 1.0565, and finally 1.0585. On the downside, a break below 1.0480 will trigger supports at 1.0410 down to 1.0400 (key support).

The main driver of the cross today will be the conclusion of the fiscal cliff deal, while US data and announcements during American trading later will also be of note, specifically the FOMC minutes at 19:00 GMT. For some local flavor, later today at 22:30 in Australia, investors will digest the AIG Performance of Services Index.

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