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Forex: AUD/USD visits 1.0450 ahead of RBA

FXstreet.com (Barcelona) - AUD/USD continues to show a steady bid tone to the point of marginally breaking through 1.0450 now, ahead of the RBA rate decision at 3.30 GMT. The exchange rate is approaching its first real test for buyers at 1.0465/75, where supply produced on March 27 will be encountered ahead of 1.05 round number.

On the downside, the ongoing appreciation of the Aussie thru current session has created some areas of demand, the first being at 1.0435, although part of the unfilled orders are thought to have been filled after two consecutive tests in recent trading; the second decent demand appears to be around 1.0421/15, which may come into play in a dovish RBA statement.

According to BriefFX editors: "Decent buy orders orders are said to be from 1.0375 to 1.0345, weak stops are building between 1.0455/70 and sell orders are near 1.0500." They still think "it is a case of buying dips looking for another test of 1.0500."

A strong open in the Hong Kong market, with demand greatly exceeding supply, has also helped the bullish tone in the Aussie.

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