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Forex: AUD/USD aiming at daily highs again

FXstreet.com (Barcelona) - The AUD/USD is holding most of its gains made during the Asian session as the RBA decided to keep its monetary policy intact, with the rate at 3% for the third month in a row. The cross had risen to 1.0479 high, and after profit taking ahead of the European opening, the market climbed the chart back to its highs. Ahead of the NY opening, the AUD/USD eased again, to 1.0454, and is currently attempting at moving higher.

“Barring offshore shocks, we believe the RBA is in a comfortable position to sit tight for the next couple of meetings (TD –25bp in June, to 2.75%) as we all wait for Mar qtr CPI report (24 April) and capex survey (30 May)”, wrote TD Securities analyst Alvin Pontoh, pointing also to the strong rise in the RP Data-Rismark dwelling price index by 1.3% m/m and 2.4% y/y, the fastest annual increase since early 2011, while the PMI slid 1.2pt to 44.4 in March.

US Economic optimism by IBD/TIPP came a little higher than expected, rising from 42.2 to 46.2 for the April report, beating the 46.1 consensus but still below the 50.0 threshold. A big drop on the ISM New York was seen in March as it eased from 58.8 to 51.2, remaining in an expansionary pace, though.

“The AUD/USD has broken its support at 1.0421. However, the subsequent bounce suggests a still strong buying interest”, wrote MIG Bank analyst Bijoy Kar, monitoring the hourly resistance at 1.0497 (26/03/2013 high) and the hourly support at 1.0386 (01/04/2013 low.

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