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Forex: AUD/USD sees 1.02 protection; 20-EMA capping the upside

The AUD/USD printed a fresh multi-month low on Tuesday, falling as low as 1.02 before buyers emerged to drive the spot rate back towards a retest of 1.0230 broken-support-turned-resistance.

The break lower, which came after upbeat US indicators, failed to have a clean close below 1.0225/30 contention area, signaling that buyers continue to challenge every dip, despite still overall selling control.

In the last few hours, the bounce reached 1.0230 but sellers are stepping in again, trying to capitalize on the bearish momentum to lower levels, presently at 1.0225. On the hourly chart, the 20-ema has been capping the upside since the European open.

As Valeria Bednark, chief analyst at FXstreet.com, notes: "The hourly chart maintains the bearish tone, with lower highs and lower lows, and price capped by the 20 SMA. In the 4 hours, technicals are also bearish, with 1.0160 as possible target for today."

Forex: NZD/JPY off fresh Feb lows at 75.20

NZD/JPY is currently at 75.85, off fresh Feb lows at 75.15, printed in early NY session, down so far -3.15% for the week, following yesterday's Italian election results, and recent NZ trade balance figures. As Societe Generale noted: “NZ trade balance deteriorated on weaker exports and rising imports. Strong imports may be linked to reconstruction activity and hence not such a bad development,” the analysts said.
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Forex: EUR/JPY finds strong support at 119, breaks above 120

EUR/JPY is trading at 120.25 last, off daily lows at 119.00 round, where it has found bids three times already so far for the week, since Monday's big sell-off following Italian election results. The cross is still -0.59% lower from previous Asia-Pacific open yesterday, with Nikkei index closing down by -2.26%, while for the week, EUR/JPY is down -2.38% from previous weekly close Friday, moments ahead of Japan retail sales at 23:50 GMT.
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