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Forex: AUD/USD slightly above 1.0400; Aus triple A rating confirmed

FXstreet.com (Barcelona) - AUD/USD is last at 1.0404 bids, off fresh session lows at 1.0401, ahead of key risk event for the Asia-Pacific session in the form of China PMI Manufacturing at 01:00 GMT, followed by HSBC final PMI manufacturing 45 minutes later. The pair is down a tiny -0.09% from previous weekly close Friday.

Credit agency Fitch confirmed triple A Australia's rating, with Australian Treasurer, Wayne Swan, cited saying: “… being an elite member of The 9As Club shows the resilience of Australia’s economy,” Mr Swan said in a statement on Friday, ForexLive Eamonn Sheridan reported. Gold and Oil have opened the week though with a spike higher, last retracing all gains.

Immediate support to the downside for AUD/USD lies at Friday's/Thursday's lows 1.0398/6, followed by March 21 lows at 1.0362, and March 20 lows at 1.0350. To the upside, closest resistance shows at Friday's highs 1.0430, followed by March 21/22 highs at 1.0460, and March 25 highs at 1.0480.

Italian politics remain in state of discordancy

Italian Prime Minister Giorgio Napolitano continued, without success, negotiations to form a coalition government over the weekend, saying he would keep trying to find new options to unravel the gridlock.
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Forex Flash: EUR/USD next down side target is 1.2680 – BBH

With EUR/USD still above the 1.28 handle amid current Italy uncertainty in the political field, Global Head of Currency Strategy at Brown Brothers Harriman Marc Chandler notes: “The next down side target is $1.2680, which corresponds to a retracement objective of the euro's rally sparked by ECB Draghi's comments in late July 2012,” the analyst says, adding: “We remain concerned that from a technical perspective the euro is stretched. The new four month lows were not confirmed by the RSI. Perhaps the 5-day moving average may offer some guidance,” he adds.
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