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Resurgent US dollar pushing the AUD lower.

Written by Sam Coxhead on September 22nd, 2011.      0 comments

5:05 PM (NZT) The AUD has been looking fairly heavy against the resurgent US dollar this week. It had touched support at 1.0150 a couple of times but in the wake of this morning’s Federal Reserve announcement of monetary policy, the pair went straight through this downside support. There has been a lot of volume traded at or just above the 1.0000 level today and this looks like the near term support for the time being. If this increased level of risk aversion continues further downside tests for the AUD will happen. Given the speed to today’s fall, there is a reasonable chance of a quick spike higher in the short term, but given the current economic environment, this would present an opportunity to buy relatively cheap US dollars.
 
The current Interbank price AUD/USD : 1.0013
 
The Interbank range so far this week AUD/USD : .9990/1.0372
 

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