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Forex: AUD/USD remains in narrow range after Trade Balance data

FXstreet.com (Barcelona) - The AUD/USD is trading in a narrow range after the release of the most recent trade balance data. Perhaps the narrow range is due to the fact market participants are waiting on the RBA rate decision due out at 4:30GMT. Currently the pair is 3 pips lower during the Asia session at 1.0241

According to analysts at FXStreet.com, “March Australian trade balance came at AUD +307 million vs flat expectations. Exports were up by 1% vs 3% last February, while imports stood at -1% vs the same -1% reduction from February. Meanwhile, Australia house price index increased by a mere +0.1% in Q1, with market expectations for a +2.0% following a +2% read in the last quarter of 2013.”

The FXStreet.com Trend Index remains Slightly Bullish on the 1 hour chart, while the OB/OS Index reads neutral. Initial support sits at 1.0222, (support on 30min chart), followed by 1.0180 (support on daily chart). Initial resistance remains at 1.0255 (the 50dma on 30 min chart), followed by 1.0290 (the 9dma).

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