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The AUDUSD sits just below crucial resistance.

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

4:15 PM (NZT) It has been an interesting week for the this pair after it start at what turned out to be the weeks highs. The US dollar has seen periods of good demand and for the most part has kept a lid on any significant AUD rallies. The lows for the week were set following the BOJ’s decision to embark on further QE, and this was a function of knee jerk US strength as much as anything. The RBA minutes were moderately unsurprising, although seemingly the realization from some investors that the RBA would be open to a lower cash rate undermined AUD demand throughout the early part of the week. Expect some further sideways trade for a time as the two opposing forces of a weak global outlook and significant central bank demand battle for ascendency. The current levels of 1.0465 are just below the resistance at 1.0480 and this levels provides the initial test for further AUD appreciation.
 
The current interbank midrate is:                                                            AUDUSD  1.0464                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0363 – 1.0562
Topics: AUD USD
 

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