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The AUDUSD pair moves higher on the week, can it last?

Written by Sam Coxhead on October 26th, 2012.      0 comments

4:35 PM (NZT) The Australian dollar initially saw pressure from the USD as the equity markets faltered early in the week. The watershed moment to turn around the moment was the release of the high Australian Q3 inflation numbers. As the interest rate market moved to price a low in the cash rate of 3.00 by year end, the AUD saw periods of strong demand. But overnight again the stock markets have dragged sentiment for the AUD lower. Next week will see the US employment numbers provide the primary focus. In the meantime, expect the equity markets to continue to create direction, with the resistance at 1.0400 likely to provide significant resistance should positive sentiment return in the short term. Overtime it seems likely that the current levels will prove to have offered good value buying of US dollars with AUD.
 
The current interbank midrate is:                                                  AUDUSD 1.0346 
                                                                                         
The interbank range so far this week to date has been:        AUDUSD 1.0231 – 1.0397
Topics: AUD USD
 

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