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COZfx: AUD/USD edges higher as US housing data weighs

Discussion in 'Analisa Fundamental' started by harryer, Jul 24, 2013.

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  1. harryer

    harryer Member

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    COZforex: The Australian dollar edged higher against its US counterpart in light trade on Tuesday, as Monday's disappointing US housing sector data continued to weigh on demand for the greenback.

    AUD/USD hit 0.9285 during late Asian trade, the pair's highest since July 17; the pair subsequently consolidated at 0.9259, adding 0.11%. COZ senior foreign exchange risk investment trader Desmond Doyle said, TAUD/USD is predicted to find support at 0.9208, and a drop through could take it to the next support line of 0.9144. Meanwhile, the pair is predicted to find its first resistance at 0.9311, and a rose through could take it to the next resistance line of 0.9350.

    The Aussie continued to gain support following decision late last week by officials in China, Australia’s biggest trading partner, to scrap a rule that had constrained lending by its banks. The pair gained further yesterday, as the US dollar declined amid disappointing US house prices data.

    In commodities, LME Copper prices rise 0.9% or $60.0/MT to $6980.0/MT. Aluminium prices rise 1.2% or $21.5/MT to $1794.5/MT.

    The Aussie was higher against the euro with EUR/AUD slipping 0.14%, to hit 1.4239.

    (COZ forex UK)
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