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8 Feb 2013
Forex: AUD/USD records 4th weekly loss in a row
The Australian dollar is on track to close the day with mild gains although it registers the fourth weekly loss in a row after peaking at 1.0597 early January.
The recovery of the AUD/USD from a 3-month low was capped by the 1.0340/50 area on Friday, forcing the pair to slid back toward the 1.0300 area during the NY session, despite the positive tone seen in stocks. At time of writing, AUD/USD is trading around 1.0315, still up 0.3% on the day.
"AUD/USD needs a decisive break above 1.0350, level which has been capping upside attempts, to improve the outlook with 1.0380 as next target", says the FXstreet.com team. "On the downside, immediate support is seen at 1.0290, but a loss of 1.0250 would increase pressure and expose 1.0200".
The recovery of the AUD/USD from a 3-month low was capped by the 1.0340/50 area on Friday, forcing the pair to slid back toward the 1.0300 area during the NY session, despite the positive tone seen in stocks. At time of writing, AUD/USD is trading around 1.0315, still up 0.3% on the day.
"AUD/USD needs a decisive break above 1.0350, level which has been capping upside attempts, to improve the outlook with 1.0380 as next target", says the FXstreet.com team. "On the downside, immediate support is seen at 1.0290, but a loss of 1.0250 would increase pressure and expose 1.0200".