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by ForexNewsNow Team on September 14, 2010

AUD USD analysis: Aussie pares losses on U.S. retail sales

Intraday analysis - a pile of Australian dollarsNEW YORK (Forex News Now) – The Australian dollar pared losses versus its U.S. counterpart on Tuesday, as FX traders digested upbeat data on U.S. retail sales in August.

In European afternoon currency market trading, AUD/USD hit 0.9358, down 0.02 percent on the day, after rising from a daily low of 0.9313.

Commerce Department data showed earlier that U.S. retail sales rose 0.4 percent in August, the strongest gain in five months, easing fears over the health of the U.S. economy.

According to intraday analysis, AUD/USD was likely to touch support around Monday’s low, 0.9288, and encounter immediate resistance around the high of April 12, 0.9382.

The Aussies gains came ahead of a flurry of economic data from Australia, due to be released early Wednesday, on consumer sentiment, new vehicle sales and housing starts.

Elsewhere, the Aussie slid versus the yen: AUD/JPY traded at 77.86, up 0.63 percent.

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