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AUD/USD extends its decline below 0.9700

FXstreet.com (Barcelona) - The bearishness around the Aussie dollar is intensifying on Friday after the pair breached the key support at 0.9700 overnight, prolonging the weekly descent.

According to Annete Beacher, Strategist at TD Securities, “In our view, the fall is a part of the shift in global sentiment towards the US Federal Reserve tapering outsized bond purchases (just as the Bank of Japan starts the printing presses), ergo USD strength”. The analyst also expects a year-end target at 1.03 and 0.98 in 2014.

AUD/USD is now losing 0.76% at 0.9677 with the next support at 0.9645 (hourly high/low May 23). On the flip side, a breakout of 0.9778 (high May 23) would expose 0.9828 (high May 22) and finally 0.9837 (MA10d).

GBP/USD capped 1.5130

GBP/USD breached 1.5100 yesterday with a low of 1.5021 after the London open, drifiting higher throughout the day as the market digested the data from Bernakes speech in what was a disordely day of emmence volitility.
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