Forex: AUD/USD slides back below 1.0300

The Australian dollar slumped and erased intraday gains versus the dollar as a negative turn in risk sentiment weighed on currencies linked to commodities. News that Berlusconi's centre-right coalition is ahead in the overall Senate race helped to boost the greenback across the board.

AUD/USD fell from a high of 1.0327 back toward the 1.0270 area, although it remains within its intraday range. At time of writing, AUD/USD is quoting around 1.0275/80, down 0.5% on the day.

As for technical levels, Valeria Bednarik, analyst at FXstreet.com locates immediate supports 1.0260, 1.0220 and 1.0180, while she sees resistances at 1.0330, 1.0370 and 1.0410.