Foreign Exchange Rates Australian Dollar Commentary for 2-May-06

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Australian Dollar Commentary for 2-May-06

Australian Dollar Commentary
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The Australian dollar moved higher vis-à-vis the U.S. dollar today as the Aussie tested offers around the US$ 0.7615 level and was supported around the $0.7550 level. Technically, today’s intraday high was right around the 23.6% retracement of the move from $0.7985 to $0.7015. Data released in Australia today saw the March NAB quarterly business confidence index improve to 10.3 from 6.2 in the December quarter. Reserve Bank of Australia deliberates monetary policy today and is expected to keep borrowing costs unchanged at 5.5%. Australian dollar offers are cited around the US$ 0.7695 level.

SUPPORT   RESISTANCE

 
L1.       0.7150 0.7700 
L2.       0.6950 0.7755 
L3.       0.6870 0.7755

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