Forex: AUD/USD intensifies the downside after RBA annual budget

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Forex: AUD/USD intensifies the downside after RBA annual budget

FITITOL--> FXstreet.com (Barcelona) - The Aussie dollar is trading near 2012 lows as the RBA has released its annual report, cutting its growth forecast for the present year to 3.0% from 3.5%, justifying the move in the likeliness of a slowdown in China, India and the EU economies, affecting mainly Australia’s exports sector.
More news out of the report states that central bank set a budget surplus of AUD 1.54 billion in the 2012-2013 fiscal year, totalizing AUD 33.6 billion of spending cuts in 5 years. In 2013-2014 the surplus will rise to AUD 2 billion, continuing to grow over time.

AUD/USD is now losing 0.77% at 1.0131, facing the next support at 1.0110 (low May 7) followed by 1.0044 (low Dec.29) then 1.0030 (high Dec.16) and 0.9883 (low Dec.19).
On the flip side, a breakout of 1.0220 (high May 7) would bring 1.0250 (38.2% of 1.0475-1.0110) then 1.0284 (low May 2) and 1.0300