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The Australian dollar looks like losing momentum against the USD

Written by Sam Coxhead on February 10th, 2012.      0 comments

5.40PM (NZT) This pairing has had a very interesting week so far. Unusually most of the movement has been led by news in Australia. The unchanged cash rate decision from the RBA saw immediate demand for the AUD. Since that announcement, much of the trading has been sideways trade, in a reasonably well contained range. Today’s release of the quarterly RBA statement saw the AUD a little weaker. This was most likely because of the comment that there was “still room to ease, should it be required”. The AUD appreciation certainly looks a little lethargic at current  levels, and any further appreciation from the AUD is going to be hard fought. Topside resistance at 1.0850 remains the key in cap, in the short term at least. The Australian employment numbers on Thursday next week will be a focus, as will FED meeting minutes on Wednesday in the US.
 
The current interbank midrate is:                                                            AUDUSD  1.0743                                                                                         
 
The interbank range so far this week to date has been:                 AUDUSD 1.0679 - 1.0845
 

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