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Forex: AUD/USD reverses on Rio Tinto's comments

FXstreet.com (Barcelona) - Following latest RBA meeting minutes showing a neutral stance and previous RBA's Debelle and Lowe's speeches, with AUD/USD printing session highs at 1.0405 on the back of the news, implying no new rate cuts are around the corner, the pair has now slipped back to session lows, last at 1.0386.

Rio Tinto's comments on slowing Iron ore demand and growing supply has driven the Aussie back to previous RBA minutes levels, hitting a new session low at 1.0380. Iron ore prices have given more than -15% up in last weeks coming from highs above $161, currently above the $130 mark, near a key Fibo area now working as support, and 200 day SMA at $128 and 50% retrace at $125. The pair is still down so far for the week a -0.25%.

Immediate support to the downside for AUD/USD lies at recent session lows 1.0380, followed by Friday's lows at 1.0360, and yesterday's weekly lows at 1.0340. To the upside closest resistance shows at mentioned NY weekly highs 1.0410, followed by Friday's highs at 1.0415, and Feb 05 highs at 1.0458.

Forex: EUR/USD continues limited by 1.2965/75 supply

EUR/USD remains with price capped at the 1.2965/75 intra-day supply area, mentioned earlier at the NY close, following news that Cyprus and the Eurozone agreed to soften the bank deposit tax after evidence that the Cypriot government wouldn't win parliamentary majority for a Yes vote.
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