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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.