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Forex: AUD/USD higher on better data than expected

FXstreet.com (Barcelona) - AUD/USD advances to fresh weekly highs at 1.0498 from previous session lows at 1.0450 when latest data in Australia has been released. The pair trades last at 1.0478, off mentioned high. The recent session high is about the same as yesterday's previous weekly high printed in early NY session, what so far forms a double high for the week.

With Chinese markets closed for holiday for the rest fo the week, including Hong-Kong, the move higher in AUD/USD comes in the back of better than expected domestic data. Retails sales figures for the month of February increased by +1.3% from previous +0.9% now revised to +1.2%, while market was expecting an increase of just +0.3%. The number is the best one since early 2010. Building approvals also improved for third consecutive month already, showing a +3.1% when a +2.4% was expected, and outperforming previous one for the month of January at -2.4%, now revised to -2%.

Immediate resistance to the upside for AUD/USD shows at mentioned double weekly high 1.0498, followed by Dec 14 lows at 1.0505, and Jan 14 lows at 1.0518. To the downside, closest support lies at recent session lows 1.0450, followed by Friday's highs 1.0428, and March 22 lows at 1.0420.

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