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Aussie declining sharply in Asia trade, searching for bids around 0.9680

FXstreet.com (Barcelona) - The Aussie traded in a very wide range today, initially trading as low as 0.9593 before reversing sharply higher up to 0.9778, and then edging lower to close the day at 0.9740.

The pair has been active during Asia trade, currently trading down 70 pips at 0.9680 and hovering just above initial support at 0.9660. A break and close below here could open up the doors towards the previous lows at 0.9593. Initial resistance sits at 0.9701 (the 20dma on 1 hour chart), followed by 0.9729 (the 9dma on 1 hour chart).

According to Eamonn Sheridan of Forex Live, “Both Aussie and Kiwi are coming off a little after good bounces in the New York timezone. there are orders about, but smaller than normal today with the market taking its cues from offshore (Japanese stocks and bonds). So if you are leaning against levels today that's something to be aware of, it is more likely than normal that extraneous factors push the price of AUD and NZD, and thats an added risk. Some AUD/USD buying clustering 0.9675/85 then more 0.9535/45 On the topside, sellers in again 0.9750/65 and then 0.9820 Tokyo markets open soon.”

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