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Forex: AUD/USD in lows after RBA data

FXstreet.com (Barcelona) - The Aussie dollar is printing fresh lows in the area of 1.0350/55 on Wednesday, after the RBA Commodity Index SDR posted an annual contraction of 6.5% in April, bettering March’s drop of -7.5%.

“House prices declined –0.5% in April, but as the data is not seasonally adjusted, we prefer to look at the y/y measure, which rose from 2.4% to 2.7% y/y. Finally, PM Julia Gillard today confirms that the Government plans to announce an increase in the Medicare levy in the upcoming Budget to fund the new disability insurance scheme. This is likely to be a negative for consumer spending in the near term”, commented Alvin Pontoh, Strategist at TD Securities.

At the moment, the cross is losing 0.14% at 1.0355 with the next support at 1.0347 (MA55d) and then 10329 (low Apr.30).
On the upside, a break above 1.0376 (MA21d) would open the door to 1.0399 (high Apr.16) and finally 1.0402 (50% of Apr. decline).

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