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Forex: AUD/USD sleeping around 1.0480

FXstreet.com (Barcelona) - In a very slow Asian market start, with Nikkei index is down -0.21% below the 12500 points mark, after a slightly positive open, AUD/USD is last at 1.0482, off session lows at 1.0470. Australian ASX index trades in the positive, higher for the session by +0.3%, following the RBA Financial Stability review just released. “Banks better placed after changes to funding mix Australian bank activity in Asia is likely to expand Global financial conditions improved significantly,” commented ForexLive editor Eamonn Sheridan on the review.

“While the Aussie is benefitting from safe harbour flows we can also see in the spike over the past few days in Nymex Crude that durable goods data and perceptions about US growth are helping,” noted GlobalFX CEO Gregory McKenna, former Head of Currency Strategy at the NAB and Westpac. “On the shorter term charts we'd expect some sort of pullback unless or until last nights high gets taken out,” the analyst concludes. Stops are reported “ above 1.0510 and 1.0535,” said FXWW founder Sean, Lee, while “ there are some decent-sized barriers at 1.0500/05,” he added.

Immediate resistance to the upside for AUD/USD shows at yesterday's weekly highs/Dec 13 lows 1.0497/1.0503, followed by Jan 14 lows at 1.0518, and Jan 16 lows at 1.0527. To the downside, closest support lies at NY session lows 1.0470, followed by yesterday's lows and Monday's NY session lows/previous weekly close Friday at 1.0446/2, and early Monday's Asian session weekly lows at 1.0432, ahead of 200 day SMA/Feb 15 highs at 1.0375.

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