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The AUD remains heavy against the US dollar.

Written by Sam Coxhead on March 16th, 2012.      0 comments

1:15 PM (NZT) This pair has spent the week in a relatively narrow range so far. The March downside bias for the AUD should remain in place in the short term, albeit the momentum a little less than it was after the recovery from its lows yesterday. Upside resistance looks to be solid at the 1.0550 level in the short term. RBA monetary policy meeting minutes Tuesday will be a focus next week. Weaker than expected Asian economic data will continue to weigh on the AUD should it eventuate. The pairing should also remain heavy, as long as the move towards higher longer term interest rates in the US remains in place.
 
The current interbank midrate is:                                                            AUDUSD  1.0520                                                                                        
 
The interbank range so far this week to date has been:                 AUDUSD 1.0420 – 1.0563
 

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