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18 Mar 2013
Forex: AUD/USD stabilizes around 1.0360
FXstreet.com (Barcelona) - After bottoming in the region of 1.0340 on Cyprus bailout, the Aussie dollar picked up pace and is trading back around 1.0360, although far from highs above 1.0410
Against the backdrop of the Cypriot events, Analyst Adrian Foster at Rabobank commented, “The country has a bank holiday today so banking dynamics i.e., potential deposit flight, are essentially sidelined for now. There is some suggestion the bank holiday will be extended to allow further discussions to run into tomorrow and it is likely such an extension will occur until a ‘final’ agreement is determined. A reduction in the rate of write-down of deposits of less than €100K is one outcome of further discussions that wouldn’t be surprising”.
At the moment, the cross is down 0.47% at 1.0362 facing the next support at 1.0358 (50% of 1.0599-1.0116) and then 1.0335 (high Mar.12).
On the upside, a break above 1.0414 (61.8% of 1.0599-1.011) would expose 1.0428 (daily cloud top).
Against the backdrop of the Cypriot events, Analyst Adrian Foster at Rabobank commented, “The country has a bank holiday today so banking dynamics i.e., potential deposit flight, are essentially sidelined for now. There is some suggestion the bank holiday will be extended to allow further discussions to run into tomorrow and it is likely such an extension will occur until a ‘final’ agreement is determined. A reduction in the rate of write-down of deposits of less than €100K is one outcome of further discussions that wouldn’t be surprising”.
At the moment, the cross is down 0.47% at 1.0362 facing the next support at 1.0358 (50% of 1.0599-1.0116) and then 1.0335 (high Mar.12).
On the upside, a break above 1.0414 (61.8% of 1.0599-1.011) would expose 1.0428 (daily cloud top).