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12 Mar 2013
Forex: AUD/IUSD retraces from highs, around 1.0280
After climbing to session highs above 1.0310, the Aussie dollar is now correcting lower and trading in the proximities of 1.0280
In the data space, the NAB Business Confidence for the month of February fell to 1 from 3 previous. “Business Conditions, which is a more concrete measure of the current environment, fell to -2.7 from January’s -1.8. This has been negative for 11 months now and reflects the challenge for the economy in pivoting away from the mining sector as the end of the boom approaches against the backdrop of the high currency”, commented Adrian Foster, Analyst at Rabobank.
At the moment, the pair is up 0.08% en 1.0283 with the next resistance at 1.0291 (high Mar.7) and then 1.0303 (high Mar.6).
On the flip side, a breakdown of 1.0245 (hourly high/lows Mar.11) would bring 1.0234 (MA10d) and finally 1.0202 (low Mar.11).
In the data space, the NAB Business Confidence for the month of February fell to 1 from 3 previous. “Business Conditions, which is a more concrete measure of the current environment, fell to -2.7 from January’s -1.8. This has been negative for 11 months now and reflects the challenge for the economy in pivoting away from the mining sector as the end of the boom approaches against the backdrop of the high currency”, commented Adrian Foster, Analyst at Rabobank.
At the moment, the pair is up 0.08% en 1.0283 with the next resistance at 1.0291 (high Mar.7) and then 1.0303 (high Mar.6).
On the flip side, a breakdown of 1.0245 (hourly high/lows Mar.11) would bring 1.0234 (MA10d) and finally 1.0202 (low Mar.11).