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Aussie stable above 0.77 handle in a quite morning session

Monday, Mar 23 2015
There were no data from Australia this morning, with Aussie initially gapping higher to above 0.78 handle. However, this area is being to resistive at the moment with investors still weighing on recent Fed comments. On the other hand RBA is still expecting to see Aussie much lower, which should help to spur economic growth. Latest predictions place Aussie as low as 0.72 per cent by the end of the year.
 
Also, RBA does not exclude further rate cut from already historically low level. Decline in prices of iron ore as well as other commodities has negative impact on Australian economy since Australia is one of the largest world's exporters. Furthermore, downbeat in China's growth and industrial activity is another negative factor for Australian economy.
 
After the initial gap higher, Aussie has declined during the session and is currently being traded few points above 0.7770 level. Pair is likely to find support around 0.77 handle and resistance above 0.7850 area. Later today, in the US session Existing Home Sales figures are scheduled for a release.
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