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Forex: AUD/USD closes the gap at 1.0410 ahead of RBA minutes

FXstreet.com (Barcelona) - Just as RBA Debelle has finished his speech and he is answering the round of questions, and about 90 minutes away from RBA minutes while Lowe is giving his own speech, AUD/USD sits around 1.0396 last, off daily highs at 1.0410 printed in early NY trade, closing the initial weekly opening gap from yesterday. The pair opened yesterday following Cyprus bail-out news going straight to fresh weekly lows at 1.0341, recovering from there ever since.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “The hourly chart presents a short term bullish stance, as price stands above a slightly bullish 20 SMA while indicators head north in positive territory. In the 4 hours chart technical outlook is also positive, with room to advance near 1.0500 if positive mood persists and price manages to break above 1.0410 immediate resistance,” the analyst said.

Valeria finds support levels at: 1.0370, 1.0330 and 1.0300, while resistance levels at: 1.0410, 1.0440 and 1.0490.

Forex Flash: USD/CAD should be limited by high 1.01/low 1.02 - TDS

The double topside rejection at 1.0340 and the loss of short-term support and the double top neckline trigger at 1.0257 clearly puts a softer spin on the charts for USD/CAD, says Shaun Osborne, Chief FX Strategist at TD Securities.
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Forex Flash: RBA minutes should be tilted towards case for easing - Westpac

The minutes from the RBA Board’s 5 March meeting will be published at 00.30GMT. According to Sean Callow, FX strategist at Westpac: "AUD/USD gained about 30 pips net on the steady hand two weeks ago, where retention of the line “scope to ease policy further” was balanced against a more positive view of the global economy and “some prospect of a modest increase” in investment outside mining." The analyst adds "it is hard to see why the RBA would go out of its way to support AUD and the rates curve so the language should be tilted towards the case for easing - later."
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