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Forex: AUD/USD hovering around 1.0350 ahead of RBA Minutes

By FXstreet.com,  April 16, 2012, 07:50:00 PM EDT

FXstreet.com (San Francisco) - The AUD/USD pair is operating within a tight 15-pip range between 1.0345 and 1.0361 in Asia this Tuesday, as investors wait for further direction from the latest RBA Minutes to be released at 01:30 GMT.

Last quoted at 1.0350, AUD/USD support levels lie at 1.0320 then, below yesterday's low, at 1.0275. To the upside, should the pair regain the upside, resistance levels are noted at 1.0370, 1.0420 and 1.0460.

Economists indicate that the Minutes are likely to cut economic forecasts and to reinforce a 25 basis point cut in May. Technically speaking, "In the 4 hours chart, momentum is heading south below the 100 level, while RSI is flat around 50 and price develops also below 20 SMA, all of what suggest the upside is still limited," explains Valeria Bednarik, Chief Analyst at FXstreet.com.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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