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Forex Flash: AUD has peaked cyclically; targets 0.92USD by year end - ANZ

FXstreet.com (Barcelona) - Analysts at ANZ believe that “the AUD has peaked cyclically, and the NZD is likely to be in a broader peaking phase,” they add. “Domestic Australian fundamentals have been deteriorating for some time, indicating that the key questions relate to the timing of a sustained currency decline, rather than its existence,” the analysts suggest.

“More broadly,” the analysts expand, “the key development has been a shift away from the diversification dynamic, which kept peripheral currencies more expensive than justified by domestic fundamentals.”

“We now forecast the AUD at 0.92 and the NZD at 0.81 in December 2013,” they conclude.

Flash: New cycle highs remain a strong possibility in USD/CAD - TD Securities

According to Shaun Osborn, Chief FX Strategist at TD Securities, “No real change in the short-term trend in USD/CAD with funds trading snugly up against channel support earlier in the day before rallying. With the USD, so far at least, maintaining the short-term bull trend, the oscillator studies on the 6-hour chart (above) remain in bullish territory and that means the studies remain in alignment on the short, medium and long-term timeframes—something we look for as confirmation of a sustainable trend. We look for a retest of the 1.04 zone soon and look for support in the low 1.03 area to hold. Buy USD dips remains the mantra.”
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AUD/JPY continues to find firm bids near 97.00

The AUD/JPY is sliding lower in Asia trade, down 62 pips at 97.83 last. Earlier in the session, we saw release of Construction Work Done out of Australia which came in below expectations at -2.0% actual vs. 1.0% forecast, as well as Japan Retail Trade which printed -0.1% actual vs. -0.4% forecast.
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