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Forex: AUD/USD bouncing off lows

FXstreet.com (Barcelona) - Poor data from the Chines economic activity during the first quarter plus below-expectations industrial production figures in March have dragged the Aussie dollar to lows around 1.0420 overnight, picking up pace later to the current area of 1.0440. Recall that China is Australia’s main trade partner.

“Our view is that the high Australian dollar is a function of the strong economy. It also reflects the strong credit rating of Australia (only 8 countries left with AAA on stable outlook). The latter is attracting inflow from sovereign wealth funds, central banks and private investors”, commented Robert Henderson, Analyst at NAB.

AUD/USD is now losing 0.62% at 1.0439 and a breakdown of 1.0405 (low Apr.9) would expose 1.0396 (MA200d).
On the other hand, resistance levels are located at 1.0540 (hourly high Apr.12) ahead of 1.0583 (high Apr.11).

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