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Forex: AUD/USD above 1.0400 post-RBA minutes

FXstreet.com (Barcelona) - The AUD/USD is shaking up a bit in between 1.0400 and 1.0386 as latest RBA minutes has been just released, to remain unchanged at 1.0395 last, where it was at the time of the release. The pair managed to close the weekly opening gap down yesterday to 1.0340 lows, printing highs at 1.0410 during NY session.

The RBA board doesn't close the door to further cut rates but already admits the cuts already done are doing its work and that current levels are below the normal. If economic conditions remain as they are, market participants are starting to feel as if the easing cycle might have come to an end. Odds of a rate cut in next RBA April meeting are very low at the moment. AUD/USD trades last at 1.0403.

Immediate resistance to the upside for AUD/USD shows at mentioned NY weekly highs 1.0410, followed by Friday's highs at 1.0415, and Feb 05 highs at 1.0458. To the downside, nearest term support lies at recent session lows 1.0384, followed by Friday's lows at 1.0360, and yesterday's weekly lows at 1.0340.

Forex: AUD/JPY recovers above 99.00 pre-RBA minutes

AUD/JPY is last at 99.17, near daily and weekly highs, flat for the week so far, having managed to close yesterday's massive opening gap down to fresh 6-day lows at 97.33 on the back of news coming from Europe about the Cyprus bailout. The cross has bounced ever since on both Aussie strength and Yen weakness completely closing mentioned gap.
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RBA minutes shows neutral stance: accommodative policy appropriate

The RBA March policy meeting minutes turned out to be a non-event, with the statement pretty much repeating past ones. On the economy, the RBA sees it is responding well to low rates, while insisting that there is scope to cut further only if needed; also, they remind that the Aussie dollar is too high.
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