AUD/USD Tests 38.2% Retracement Level

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AUD/USD Tests 38.2% Retracement Level

By Greg Michalowski on April 21, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The 38.2% retracment of the move down from the high at 0.7324 to the low at 0.6952 comes in at the 0.7094 level.

The AUD/USD has been supported today by upbeat comments from RBA Stevens last night. He commented that he sees a clear signs of pick up in China’s economy and that the speed of the global contraction may be abating.

As a result, the AUD/USD has been moving higher despite the fact that the CRB has been down today. A break of the 0.7094 would target the 50% retracement and 100 hour MA at the 0.7140 area.

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