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Aug 19, 2014
AUD/USD: Watch 0.9240-45 key confluence level
FXStreet (Bali) - The Australian Dollar found some willing buyers, despite the rate being near key resistance levels, following an uneventful RB minutes.
The fact that the RBA did not offer any surprise on its policy update, was enough reason for traders to keep pushing the rate towards higher ground, with the AUD/USD printing a new session high at 0.9337, only a few pips away from the important 0.9340-45 convergence area, as per the 100-day MA, 38.2% fib retrac of the 0.9505-0.9239, and a supply imbalance that originated the Aug 6 sell-off.
The fact that the RBA did not offer any surprise on its policy update, was enough reason for traders to keep pushing the rate towards higher ground, with the AUD/USD printing a new session high at 0.9337, only a few pips away from the important 0.9340-45 convergence area, as per the 100-day MA, 38.2% fib retrac of the 0.9505-0.9239, and a supply imbalance that originated the Aug 6 sell-off.