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The AUD bounces from lows against the EURO as profit taking on the EURO emerges.

Written by Sam Coxhead on September 21st, 2012.      0 comments

4:40 PM (NZT) The AUD saw initial weakness this week. The weakness accelerated following the RBA monetary policy meeting minutes were released, and the pair set the lows for the weak at .7962 (highs 1.2560).  From there the EURO has come under increasing pressure across the board, and not because of any material AUD demand. It is likely that the market is seeing profit taking after the significant rise in the EURO over the last few weeks. Next week’s direction is hard to pick from current levels, but  we approach reasonable resistance at .8075 (support 1.2380) and its looks likely this will offer a stern test for any further EURO depreciation in the short term. Next week will see a renewed focus on Europe in the absence of any material economic news in Australia.
 
The current interbank midrate is:                                               AUEUR  .8065                    EURAUD  1.2399                                                                                    
 
The interbank range so far this week to date has been:   AUDEUR .7962 – .8072   EURAUD 1.2388 – 1.2560
Topics: AUD EURO
 

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