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5 Apr 2013
Forex: AUD/USD dips to 1.0400 lows
FXstreet.com (Barcelona) - Aussie has been sold all along the Asia-Pacific on weak commodities and local share markets, leading the loses the Hang-Seng index in Hong-Kong, down more than -2% so far for the session, while in the other hand the Nikkei index in Japan has extended an extra +4% gain to above the 13k level, for the first time since August 2008. AUD/USD has printed fresh session lows at 1.0399, down from NY session highs at 1.0454.
According to FXBriefs.com editor Peter Fell: “Real money buyers again appeared below 1.0400” AUD/USD, while “Intraday buyers between 1.0400/10, more again 1.0380/90 and model stops below 1.0370.” Key level at 1.0385 as potential neckline of a major double high reversal pattern at 1.05 highs, coupled with mentioned stops below, might build a move lower, analysts say, supported on weakness in AUD across the board.
Immediate support to the downside for AUD/USD lies at recent session lows 1.0399, followed by yesterday's/Monday's double weekly low at 1.0385, and March 21 lows at 1.0362. To the upside, closest resistance shows at Tuesday's lows 1.0440, followed by NY highs at 1.0454.
According to FXBriefs.com editor Peter Fell: “Real money buyers again appeared below 1.0400” AUD/USD, while “Intraday buyers between 1.0400/10, more again 1.0380/90 and model stops below 1.0370.” Key level at 1.0385 as potential neckline of a major double high reversal pattern at 1.05 highs, coupled with mentioned stops below, might build a move lower, analysts say, supported on weakness in AUD across the board.
Immediate support to the downside for AUD/USD lies at recent session lows 1.0399, followed by yesterday's/Monday's double weekly low at 1.0385, and March 21 lows at 1.0362. To the upside, closest resistance shows at Tuesday's lows 1.0440, followed by NY highs at 1.0454.