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22 Feb 2013

Forex: AUD/USD shoots higher on RBA gov comments

The Aussie has just rallied to recent session highs at 1.0309 on not very bearish RBA governor Stevens comments, off fresh 4-month lows printed by late NY trade at 1.0220, to sit at this moment around 1.0291, still slightly negative for the week. “AUD extends gains as RBA Stevens says board was prudent to sit still,” said Kathy Lien in her Twitter account.

No major local news will be out for the rest of the Asian session, with equity markets around the globe in the red, SP500 closing in NY down by -0.63%, US 10 year bond yields falling to 1.956% lows, Oil dipping -1.95% for second consecutive day, and Iron ore off fresh 2013 highs, around $156 last. The median estimate from a Reuters poll to analysts point to 1.0400 for 1-month ahead.

Immediate resistance to the upside for AUD/USD shows at recent session highs 1.0310, followed by Feb 14 lows at 1.0325, and Tuesday/Wednesday's weekly highs at 1.0368. To the downside, closest support lies at Feb 18 lows 1.0275, followed by NY session highs at 1.0264, and recent fresh 4-month lows at 1.0220.
Feb 22, 2013

RBA Stevens strikes not so dovish tone; good deal of rate cuts in pipeline

RBA Governor Stevens is testifying before the House of Representatives Standing Committee on Economics, and if one is to make an judgement on his language, it seems as though he is sounding much more hawkish than the market was expecting, which has led to an important boost on the Australian Dollar.
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Feb 22, 2013

Forex: AUD/NZD on track for 6th daily gains; 1.2375 resistance eyed

A solid downtrend in place since early this year has been the AUD/NZD, as speculators mounted to bet on a hawkish RBNZ against a still dovish RBA. How much the picture has changed since the strong bounce off 1.2120? Judging by the vigorous AUD rise, looks like buyers are starting to gain short term control, with the 20ema on the daily being under threat.
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