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7 Feb 2013
Forex: AUD/USD retreats ahead of NY opening
After failing to overcome the 1.0335 area, AUD/USD lost momentum and pulled back ahead of the NY opening as the USD benefits by the cautious mood before the release of US data and ECB President speech.
AUD/USD dropped about 20 pips within the last minutes, sliding toward the 1.0310 area. At time of writing, the pair is quoting at the 1.0315 zone, virtually unchanged since opening.
"Aussie continues to trade sideways just above its 1.0300-290 support. On the rise it could not move above 1.0340 level which is resistance on the short term charts", says the Kshitij Consultancy Services Team. "The bigger trend remains bearish and we expect the break of 1.0300-290 for a move towards 1.0150 but before that a short covering rally towards 1.0360-90 is likely".
AUD/USD dropped about 20 pips within the last minutes, sliding toward the 1.0310 area. At time of writing, the pair is quoting at the 1.0315 zone, virtually unchanged since opening.
"Aussie continues to trade sideways just above its 1.0300-290 support. On the rise it could not move above 1.0340 level which is resistance on the short term charts", says the Kshitij Consultancy Services Team. "The bigger trend remains bearish and we expect the break of 1.0300-290 for a move towards 1.0150 but before that a short covering rally towards 1.0360-90 is likely".