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Forex: AUD/USD breaks below 1.0350 on its biggest single day fall since Nov 2011

FXstreet.com (Barcelona) - AUD/USD is last at 1.0338, off recent fresh 1-month lows at 1.0290, following massive sell-off in commodities such as Gold, and bombing attacks in Boston. The pair suffered its biggest single day decline since early Nov 2011, now down -1.57% for the week so far, 2 hours away from RBA meeting minutes, when market will try to find any hint for further rate cuts ahead.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “Extremely oversold according to the hourly chart, current recovery may extend up to 1.0380 where further definitions will be seen as if price manages to regain the level, then bulls will likely regain control and push the pair higher towards 1.0440,” the analyst said, adding: “Failure to overcome 1.0380 area on the other hand, will signal further slides for the pair, with 1.260 strong midterm support level then at sight.”

Valeria finds support levels at: 1.0290, 1.0260 and 1.0220, while resistance levels at: 1.0380, 1.0440 and 1.0470.

Forex: EUR/JPY suffers steep losses as Yen carry-trades continue to unwind

The EUR/JPY finished down 2.21%, closing the US Session at 126.00. At one point, the pair had traded as low as 124.98 before finding support and recovering losses during the last few hours of the session. Risk assets were lower across the board, with severe liquidation continuing in commodities and the S&P 500 suffering its worst loss of the year closing down 2.26% at 1552.60. The negative developments across risk assets appears to have helped lead to some unwinding of the yen carry trades which had been intact recent weeks.
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Forex Flash: RBA Minutes in Focus – NAB Global Markets

In the coming Asia session, market participants will be focused upon the RBA minutes release due out at 1:30 GMT. According to analysts at NAB Global Markets “As for the RBA Minutes, there’ll be particular focus on the RBA’s easing bias – evident in the post-April Board meeting media release – contains the same words from last month’s Minutes to the effect that “…. Further reductions may be required.”
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