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by ForexNewsNow Team on July 6, 2010

AUD/USD trims gains as RBA-fueled excitement wanes

NEW YORK (Forex News Now) – The Australian dollar trimmed sharp gains versus the greenback on Tuesday, retreating from a 4-day high it hit after Australia’s central bank held interest rates steady and issued a bullish statement.

In late U.S. currency trading, AUD/USD traded at 0.8518 after pulling back from 0.8559, the currency pair’s highest since June 30.

In its statement, the Reserve Bank of Australia said: “The global economy has continued to expand over recent months, consistent with a trend pace of growth,” the bank said.

“The expansion remains uneven, with the major advanced countries recording only modest growth overall, but growth in Asia and Latin America, to date, very strong.”

According to forex analysis, AUD/USD is likely to touch immediate support around the daily low, 0.8317, and encounter resistance around the high of June 29, 0.8721.

The Aussie’s gains versus its U.S. counterpart also came in the wake of a weaker-than-expected report on the U.S. services sector.


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