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Alert - 17:20 (CET) - AudUsd
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The AudUsd is trading at 0.6391, ranging from 0.6350 to 0.6664. The current price is under yesterday's close at 0.6653. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over the 200-day EMA.
The traders are watching the resistances at 0.7064 (October 20th high), 0.7239 (October 14th high) and 0.7817 (October 3rd high).As the supports at 0.6618 (October 30th low) was broken, the traders are watching the next at 0.6339 (October 29th low) and 0.6000 (key).
This session, the aussie is profit taking from its intrasession highs at 0.6664, as the equity and commodity markets are declining. Australia is a copper and other metal exporter and its currency is influenced by those price swings.
Given the worries about a deeper economic recession, it is speculated that the metal demand will decline with the crude demand. Right now, the crude broke the 60 dollar mark, trading at 57.20 dollars.
Apart from the worries about General Motors, the stocks are declining, as the electronics retail store Best Buy sales' outlook is gloomy for the next trimesters. This way, we see the Dollar advancing against high yielders like the Aussie.
Checking the daily charts, we see that the current price is over the 61.80% (0.6728) aand under the 50.00% (0.7327). Fibonacci Retracement lines. The Relative Strenght Index (RSI) is at 27 points, oversold. The volatility per hour could reach 300 pips.
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