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Forex: AUD/USD stalls at 5-week highs 1.04

Following massive run higher yesterday in AUD/USD post-Aus jobs data, the pair is last at 1.0370 near session lows, off recent fresh 5-week high at 1.0401 printed in early NY trade. The pair is up more than +1.5% for the week so far, the biggest weekly gain since Sept last year. Chances for another rate cut from the RBA are diminishing.

“The hourly chart is showing price challenging to the downside its 20 SMA that turned flat after the pair corrected lower,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Indicators in the same time frame hold in positive territory and corrected extreme overbought readings, yet price pressures lower. In the 4 hours chart indicators also head lower still in positive territory, pointing for at least a bearish correction, with 1.0330 as immediate support level to watch,” the analyst concludes.

Valeria sees support levels at: 1.0330, 1.0300 and 1.0280, while resistance levels at:  1.0400, 1.0440 and 1.0490.

Forex: EUR/USD, watch for selling clues at 1.3100-1.3150 for retest of 1.2900 - 2ndSkies

After blowing a series of intra-day areas of supply through 1.2950, followed by 1.2980 and 1.3010/15, the EUR/USD has managed to ease some bearish pressure. EUR/USD printed a new year low at 1.2910 earlier on Thursday, before the upside recovery, which may be described as a short-covering aimed at getting better value areas to sell from, one may think.
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Japan upper house has approved the new BoJ leadership, formed by Kuroda as governor, with Nakaso and Iwta both as deputies. The Yen reaction is less than meet the eye, moving in a 10-15 pips across the board.
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