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Forex: AUD/USD in lows below parity

FXstreet.com (Barcelona) - The Aussie dollar left behind the parity level and is testing Friday’s lows around 0.9980 on Monday, levels last seen in late June 2012.

In the domestic data front, Home Loans expanded 5.2% in March, above expectations at 3.5%. “The RBA on Friday acknowledged the increased appetite for borrowing and
rising house prices, with the key risk that prices may rise too fast. Last week’s rate cut will further support housing demand, so if the uptrend in finance approvals continues it will argue against another near-term interest rate cut”, commented S.Papadopoulos, Analyst at NAB.

At the moment, the cross is down 0.06% at 0.9995 with the next support at 0.9980 (61.8% of 0.9581-1.0625) followed by 0.9961 (low May 10) and then 0.9922 (low Jun.14 2012).
On the upside, a break above 1.0055 (hourly high/lows May 10) would expose 1.0096 (high May 10) and finally 1.0100 (July 2012 low).

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