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Forex: EUR/AUD falls and trading at 1.4840

Wed, Mar 10 2010, 05:09 GMT
http://www.fxstreet.com

FXstreet.com (Sydney) – The AUD continues to consolidate gain against the euro and is trading at 1.4840. The pair also shows downward tendencies in the hourly charts. The EUR/AUD opened at 1.4877 and had been as low as 1.4830. The pair maintains support at 1.4762 and resistance at 1.5054.

The AUD was higher against principal currencies following positive consumer data. Consumer confidence rose in Australia by 0.3 points in March to 117.3 points. This is an increase of 0.2%. Labour force data is due to be published tomorrow. This is expected to show an increase in employment of 10,000 and the unemployment rate to have risen slightly to 5.4%. Yesterday it was reported that the number of job ads jumped close to 20% in February reversing the 8% loss in January. Business in Australia confidence also grew by 4 points to 19 during February. This is likely to weigh on the RBA when it meets in April to consider lifting interest rates.

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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