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Forex: AUD/USD struggling below 1.0400

FXstreet.com (Barcelona) - One hour away from Westpac Leading Index at 00:30 GMT, AUD/USD is last at 1.0391, still capped below the 1.04 handle, as it has been for all NY session long. The Australian dollar is along with Kiwi, the 2 weakest currencies among majors for last 2 trading days, recovering from yesterday's fresh 1-month lows at 1.0290. The pair is down -1.12% for the week so far.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart shows indicators heading higher in positive territory, and price steady above a bullish 20 SMA,” the analyst notes, adding: “In the 4 hours chart however indicators barely corrected extreme oversold readings, while 20 SMA heads strongly south around 1.0440 offering strong resistance in case of advances. While the downside continues to be seen limited and buyers are still reported around 1.0300, the road higher seems a bit tougher now, and further technical confirmations are required to support a bullish recovery,” she concludes.

Valeria finds support levels at: 1.0330, 1.0290 and 1.0260, while resistance levels at: 1.0410, 1.0440 and 1.0490.

Forex: AUD/NZD consolidation continues, possible “bear flag” pattern forming?

The AUD/NZD traded in a narrow range for a 3rd straight day, closing the NY session down 22 pips at 1.2225. After falling 2.53% in the previous 4 weeks, the pair appears to be consolidating losses above the key support pivot (1.2180) from February 15th. Earlier in the session, NZD CPI was released coming in at 0.4% (forecast was also 0.4%). Reaction to the print has been quiet thus far.
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Forex Flash: Economic data not enough to warrant BoC rate adjustment – RBS

According to analysts at RBS, “We do not expect any policy shift by the Bank of Canada (BoC) at its policy decision on 17 April. In our opinion, the data since the 6 March decision is not enough to warrant a material change in policy in either direction. We also do not think the data in the past quarter is enough to cause BoC officials to dramatically alter their outlook in the quarterly Monetary Policy Report (MPR), which will be released at the same time.”
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