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8 Mar 2013
Forex: AUD/USD erases intraday losses
After falling to a daily low of 1.0235 in the wake of disappoint Chinese imports, the Aussie dollar managed to bounce and trimmed losses against the greenback during the European session on better sentiment.
The recovery of the AUD/USD however, has been capped by the 1.0265 zone, leaving the pair confined to a phase of consolidation as investors refrain from taking positions ahead of the US jobs report.
At time of writing, AUD/USD is trading around 1.0260, virtually unchanged since opening. As for technical levels, immediate supports could be found at 1.0235 (intraday low), followed by 1.0220 (yesterday's low) and 1.0200 (psychological level), while to the upside, next resistances are seen at 1.0290 (Feb 28/yesterday's highs), and 1.0300.
The recovery of the AUD/USD however, has been capped by the 1.0265 zone, leaving the pair confined to a phase of consolidation as investors refrain from taking positions ahead of the US jobs report.
At time of writing, AUD/USD is trading around 1.0260, virtually unchanged since opening. As for technical levels, immediate supports could be found at 1.0235 (intraday low), followed by 1.0220 (yesterday's low) and 1.0200 (psychological level), while to the upside, next resistances are seen at 1.0290 (Feb 28/yesterday's highs), and 1.0300.