Forex: AUD/USD, AUD/JPY offered; eyeing weekly lows

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Forex: AUD/USD, AUD/JPY offered; eyeing weekly lows

FITITOL--> FXstreet.com (Barcelona) - The last RBA 50bp rate cut has been acting as a major drag for the AUD/USD, as the exchange rate prints further losses following a round of risk aversion that hit American equities. The bear run was cushioned by 1.0240, lowest since April 11 , before a consolidation phase centered at 1.0330 was seen yesterday. Current price exchanges hands near lows at 1.0255. At 1.30GMT the RBA Monetary Policy Statement will be published.

From a technical stance, the price remains kind of stuck at the 50% fib retrac of the upmove from 0.9650-1.0840. While the level has been tested and marginally in recent hours of trading, “momentum below the level has been quite muted” comments Greg Michalowski, Chief Currency Analyst at FXDD, who adds: “profit takers seem to be using the area to take cover shorts and the dip buyers have also found the level to be attractive.”

Looking at the daily AUD/JPY chart, price continues to look top-heavy after failure to h old above 82.85 former support-turned-resistance has led the decline to resume, currently approaching weekly lows at 82.10. This market has recently slid below n ascending trendline coming from Dec. 2011, with support pivot at 82.50 having given up. According to Fan Yang, Technical Analyst at FXTimes: "If the slide extends, the 200-SMA can provide brief support near the 81.00 handle, but a more important resistance area lies just above the 80 handle."