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Aussie finishes week with lowest close since early June 2012

FXstreet.com (Barcelona) - It was another rough day for the Aussie, with the pair losing just over 88 pips on Friday to close at 0.9731. Economic data in the coming session will be light from both Australia and the US, but expect volatility to pick up when the RBA Meeting Minutes are released later in the week.

According to analysts at NAB Global Markets, “Data-wise locally, the RBA release the minutes of this month’s rate cut meeting tomorrow, with interest surrounding the flavour of the conversation around the Board table and any hints as to whether another might be in the pipe as early as June. Next week’s May 30 CapEx Q1 data will be key in the lead up to the June RBA Board meeting.”

The FXStreet.com Trend Index remains in strongly bearish set up on the 1 hour chart. Initial support sits at 0.9711 (previous week low), while first resistance sits at 0.9801 (the 50 dma on 1 hour chart). Both short term moving averages and the RSI (14) remain in bearish set up on the daily chart, which could continue to keep advances limited.

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