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Tuesday, 12 April 2011

Forex: AUD/USD bounces at 1.0390, returns to 1.0500 area

Australian Dollar rally was capped at 28-year high 1.0585 yesterday, and the pair plunged on US and Asian session as sentiment deteriorated, to find support at 10390, and bounce up strongly on early European session, returning to 1.0500 area.

On the upside, the Aussie might find resistance at 1.0500/10 (day highs) and above here, 1.0555 (intra-day level) and 1.0585 (Apr 8/11 highs). On the downside, immediate support lies at 1.0390 (day low), and below here, 1.0315/20 (intra-day level) and 1.0285 (Apr 5 low).

AUD/JPY recovery from post-quake low at 74.70 was capped at 90.00 yesterday, fresh 2, 1/2 year high, and the pair plunged to 86.80 low in Asia to bounce up on European session regaining the 88.00 level, and trading at 88.50 at the time of writing.

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