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Forex: AUD/USD holding quiet above 1.04 ahead of April 02 RBA meeting

FXstreet.com (Barcelona) - AUD/USD is last at 1.0414, mostly unchanged since early NY open, when final 4Q US GDP was released slightly below expectations at +0.4%, and consensus was looking for a +0.5% increase, the slowest since first quarter of 2011 according to Reuters. The pair is down -0.32% from previous Asia-Pacific open yesterday, and about the same for the week, with Aussie markets already closed over Eastern holiday.

Not much of a move would be expected for today's session in AUD/USD, with almost all Europe also closed for holiday in the London session ahead, and next Monday as well, just 2 trading days away from much anticipated RBA April 02 meeting, when, according to a Bloomberg survey, all 28 economists say no change in rates, at current 3%.

Even though AUD had been one of the strongest currencies in last weeks among all majors, given strength in oil, among other things, the antipodean currency has been giving back this strength, specially against EUR, after posting a fresh 4-month high against it on Wednesday. For last 2 trading days, AUD is the weakest currency among all majors, even softer than Euro, the second weakest one.

Immediate support to the downside for AUD/USD lies at overnight weekly low 1.0395, followed by March 21 lows/200 day SMA at 1.0376/62, and March 19 lows at 1.0349. To the upside, closest resistance shows at Monday's early Asia-Pacific lows 1.0430, followed by March 21/22/28 highs at 1.0460, and March 25 highs at 1.0480.

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