Forex: AUD/USD in session lows, below 1.0470
Forex pairs in this Article »
AUD/USD
FXstreet.com (Barcelona) - After yesterday's tops in the boundaries of 1.0520, the Aussie dollar has initiated a correction lower, falling as low as today's lows around 1.0460 and accelerated after the trade deficit in Australia has widened to A$ 2.08 billion, the largest since March 2008
In the opinion of analyst Adrian Foster at Rabobank, "With the Australian dollar so strong, a bigger deficit is not that surprising& What Australia needs is an import binge to get some momentum behind AU$ selling to get it lower".
The cross is now losing 0.18% at 1.0465
Next support levels line up at 1.0440 (MA14d) ahead of 1.0420 (MA21d) and 1.0406 (low Dec.4).
On the upside, a break above 1.0515 (hourly high Dec.6) would aim towards 1.0519 (high Sep.21) and finally 1.0564 (high Sep.17).
In the opinion of analyst Adrian Foster at Rabobank, "With the Australian dollar so strong, a bigger deficit is not that surprising& What Australia needs is an import binge to get some momentum behind AU$ selling to get it lower".
The cross is now losing 0.18% at 1.0465
Next support levels line up at 1.0440 (MA14d) ahead of 1.0420 (MA21d) and 1.0406 (low Dec.4).
On the upside, a break above 1.0515 (hourly high Dec.6) would aim towards 1.0519 (high Sep.21) and finally 1.0564 (high Sep.17).
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