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Forex: AUD/USD, is it really happening? 11-month range kaput

FXstreet.com (Barcelona) - The Aussie succumbed against today's ferocious USD strength, which saw the rate, surprisingly, take out the 1.0150 support only to dive an additional 1 cent to find its lowest at 1.0046, not seen since June 28 2012.

The breach of support represents a solid break of a 11-month torturous daily range. The 100.00 upside break in USD/JPY triggered a long-lasting frenzy of buying in the US Dollar across the board.

Above we mention the rather bewildering moves in the Aussie as they come not even 24 hours after Australia printed a huge improvement in Australian employment figures.

As Valera Bednarik, chief analyst at FXstreet.com notes: "Australian data showed that the economy created almost 5 times more jobs than expected, 50K against 11.5 forecasted, while unemployment rate decreased from 6.8% to 6.2%."

Technically, Valeria expands: "Trading around 1.0080 ahead of Asian opening, The 4 hours chart shows 20 SMA maintaining the bearish slope seen over the last sessions, with indicators turning south around their midlines, which suggests further slides ahead: a break below mentioned low should see the pair testing parity over Asian hours, while once below it, 0.9940/60 comes next."

Buying is not the wisest of the options, Valeria says. If anything, "correction higher should be seen as selling opportunities now, even if price recovers as high as 1.0150" she added.

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