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The AUD arrests the downside momentum...for now!

Written by Sam Coxhead on September 7th, 2012.      0 comments

3:40PM (NZT) It has been a mixed week for the AUDUSD pair. The downside momentum for the AUD waned as the pair approached the 1.0200 level. The close to expectation GDP and employment numbers seems to have caught investors out with overly “sold AUD” positions. Subsequently, we have seen a solid AUD covering rally. Adding to this the demand for risk assets  was the leaked, and subsequently confirmed, news of the ECB initiatives to curb the stress in the European debt markets. It will be interesting to see if there is further follow through on this. The focus in the near term is the very important US employment numbers later on today. Further resistance will come in at 1.0330, and 1.0380 above if further AUD demand is seen. Potentially this bounce in the fortunes for the AUD will provide an opportunity to buy US dollars at better levels that might have been expected.
 
The current interbank midrate is:                                                            AUDUSD  1.0294                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0162 – 1.0308
Topics: AUD USD
 

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