Forex: AUD/USD extending its correction higher, around 1.0450
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AUD/USD
FXstreet.com (Barcelona) - The Aussie dollar is grinding higher on Tuesday, partially retracing the recent decline after better figures out of the NAB Business Conditions/Confidence in Australia. The index improved to -4 and 3, from -5 and -9, respectively, igniting some buying interest for AUD.
"Likely to keep testing a little lower, with 1.0345/60 at risk of being tested as a long spec market squares up a little. But with global sentiment mostly positive and a quiet local calendar, a grind back to 1.0500/50 would be no surprise", comments Sean Callow, Strategist at Westpac.
The cross is now advancing 0.32% at 1.0451 facing the next resistance at 1.0464 (MA55d) and finally 1.0466 (daily cloud top).
On the flip side, a breakdown of 1.0384 (low Jan.28) would aim for 1.0380 (Lower Bollinger) and then 1.0375 (low Jan.2).
"Likely to keep testing a little lower, with 1.0345/60 at risk of being tested as a long spec market squares up a little. But with global sentiment mostly positive and a quiet local calendar, a grind back to 1.0500/50 would be no surprise", comments Sean Callow, Strategist at Westpac.
The cross is now advancing 0.32% at 1.0451 facing the next resistance at 1.0464 (MA55d) and finally 1.0466 (daily cloud top).
On the flip side, a breakdown of 1.0384 (low Jan.28) would aim for 1.0380 (Lower Bollinger) and then 1.0375 (low Jan.2).
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