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11 Feb 2013
Forex: AUD/USD extending its decline, around 1.0285/90
The Aussie dollar is falling further on Monday, dragged to session lows around 1.0285/80 as risk-off tone is intensifying. Poor domestic data out of the Home Loans are also playing its role in today’s descent, contracting 1.5% during December vs. +0.2% forecasted.
“Ongoing local data weakness, lingering spec positioning overhang and RBA easing hints have helped produce lows since Oct… AUD/USD should find buyers towards 1.02 on the week”, suggests Sean Callow, analyst at Westpac.
As of writing, the cross is down 0.21% at 1.0290 facing the next support at 1.0256 (low Feb.8) and then 1.0236 (low Oct.23).
On the flip side, a breakout of 1.0345 (low Dec.26) would clear the path to 1.0361 (low Feb.1) and finally 1.0387 (MA10d).
“Ongoing local data weakness, lingering spec positioning overhang and RBA easing hints have helped produce lows since Oct… AUD/USD should find buyers towards 1.02 on the week”, suggests Sean Callow, analyst at Westpac.
As of writing, the cross is down 0.21% at 1.0290 facing the next support at 1.0256 (low Feb.8) and then 1.0236 (low Oct.23).
On the flip side, a breakout of 1.0345 (low Dec.26) would clear the path to 1.0361 (low Feb.1) and finally 1.0387 (MA10d).