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6 Mar 2013
Forex: AUD/USD, potential for 1.0330 on upbeat Aus GDP - V.Bednarik
Following a V-shaped reversal off a 7-month low near 1.01, the recovery above 1.0180 extended past a key swing high at 1.0240, printing a Tuesday's high of 1.0260, although that level is also history now, as the AUD/USD continues to rally to a new Asian session high at 1.0269 ahead of the Australian GDP data, released at 00.30GMT.
As Valeria Bednarik, chief analyst at FXstreet.com, notes, "the pair is quite close to a key resistance area around 1.0270, where the pair presents several intraday highs and lows and a daily descendant trend line coming from 1.0573, Jan 23rd daily high."
With Australian GDP data to be released today, "a positive reading may push the pair above the level, triggering a continuation rally that can extend towards 1.0330 area over the Asian session" Valeria predicts. On the downside, 1.0220 should see buying interest emerging in case of any setback, Valeria adds.
As Valeria Bednarik, chief analyst at FXstreet.com, notes, "the pair is quite close to a key resistance area around 1.0270, where the pair presents several intraday highs and lows and a daily descendant trend line coming from 1.0573, Jan 23rd daily high."
With Australian GDP data to be released today, "a positive reading may push the pair above the level, triggering a continuation rally that can extend towards 1.0330 area over the Asian session" Valeria predicts. On the downside, 1.0220 should see buying interest emerging in case of any setback, Valeria adds.