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Forex: AUD/USD feeling the selling pressure ahead of RBA statement

FXstreet.com (Barcelona) - About half hour away from the RBA Monetary policy statement at 01:30 GMT, biggest risk event for Aussie in the Asia-Pacific today before the week ends in the region, the AUD/USD is feeling the selling pressure last at 1.0070, off recent session lows at 1.0057, slightly above NY session fresh 10-month lows at 1.0044.

As John Noonan for IFR Markets states: “The AUD/USD looks vulnerable technically following break below 1.0100 - yet the fundamentals remain relatively AUD-favourable even with RBA rate cut on Tuesday,” the analyst notes. The pair is more than -2.3% down for the week alone, while -3.08% year to date according to Reuters.

Immediate support to the downside for AUD/USD lies at recent 10-month lows at 1.0044, followed by Dec 29 2011 lows at 1.0041, and July 07/11 2012 highs at 1.0000/05. To the upside, closest resistance shows at recent session highs 1.0100, followed by march 04 lows at 1.0111, and Oct 08 lows at 1.0145.

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