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Aussie testing 0.80 handle ahead of US data

Wednesday, Apr 29 2015
Aussie fell this morning and is currently slightly below 0.80 handle which is a major resistive point. With no major data releases from Australia this week, Aussie is mostly supported by Governor Glenn Stevens comments on no need for superlow interest rates as well as weaker than expected US data. Despite the AUD’s rally overnight, most analysts agree that the currency is due to fall considerably in value over the coming years. In that sense, investing overseas would be a great way to profit. 
 
The Australian dollar leapt overnight to its highest level since January 22, following another surge in the iron ore price and as the US dollar lost strength. Overnight the key spot iron ore price rose from $US58.70 to $US59.20 a tonne, which is a two-month high. However, with China's economic growth still in decline it is likely that iron prices will fall in the months to come, which would add additional pressure to Aussie.
 
Pair is currently being traded few points below 0.80 handle. Pair is likely to find support around 0.7830 level and resistance above 0.8050 area. Later today, in the US session, Advance GDP and Pending Home Sales figures are scheduled for a release. But, the focus of the session will be on Fed's interest rate decision and moreover following policy statement that should bring a lot volatility to the markets.
More in this category: « M3 increased to 4.6% in March US GDP rose by 0.2% in Q1 »

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