Forex: AUD/USD inches up to 1.0530; ‘far from recovery’ – V.Bednarik

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FXstreet.com (San Francisco) - The retreat in AUD/USD from recent 3-month highs hit Wednesday (1.0585) extended yesterday, falling to as low as 1.0507 before closing down to 1.0526 vs. 1.0548. Intraday charts show that bearish momentum has eased, "although they are far from suggesting a recovery," says Valeria Bednarik, Chief Analyst at FXstreet.com. The analyst also identifies short term resistance around 1.0540, then 1.0570 and 1.0620, while support levels are noted at 1.0510, 1.0460 and 1.0430.

AUD/USD holds a slight bid tone in early Asian trade, having inched back up to 1.0530 from an earlier low of 1.0517 on news that President Obama and Boehner have just concluded a 'frank meeting,' about which Obama says "It shouldn't be hard" to resolve the Fiscal Cliff.



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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