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AUD/USD looking for bids at previous lows set near 0.9590

It was a volatile day for the Aussie, at one point trading all the way up to 0.9695 before surrendering the majority of gains to finish near the lows down 27 pips at 0.9607 as the USD went bid across the board early in the New York session. The main catalyst for the USD strength was the better than expected Consumer Confidence number out of the US which came in at 76.2 vs. 71.0 estimates.

According to analysts at NAB Global, “the AUD was also on the receiving end of USD buying – as were the Euro, the JPY, and the GBP – but did not plumb new lows in this latest run, holding above 0.96 though the session. It is however trading around its overnight lows in early local trade. Should it weaken further, the next port of call support-wise will be the low last year of 0.9580 that’s obviously within reach and vulnerable should this morning’s Construction Work Done report surprise on the downside. Capex tomorrow even more sensitive.”

The FXStreet.com Trend Index remains Slightly Bearish set up on the 1 hour chart, while the OB/OS index reads oversold. Initial support sits at 0.9590 (previous week lows), followed 0.9534 (weekly chart support from Dec 2010). Initial resistance sits at 0.9647 (the 20dma on 1hour chart), followed by 0.9696 (the 9dma on daily chart).

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