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Forex: AUD/USD finishes the week up 1.24%, again fails to take out resistance at 1.0600

FXstreet.com (Barcelona) - The AUD/USD finished the NY session down 32 pips at 1.0508. The pair still notched an impressive week (+1.24%), particularly given the lack luster economic data released which showed the unemployment rate at a 3 year high (5.6%). Earlier in the week the pair traded as high as 1.0582 but once again failed to take out critical resistance at 1.0600. Currently, the pair is up 3 pips at 1.0510 during early Asia trade.

“The Aussie is not as driven by positioning as it used to be - it is clear that the flow of funds from the big and persistent central banks is one of the key drivers of the Aussie and has kept it from falling back under 1.00 as commodities and other key drivers have slipped back,” noted Greg McKenna of Global FX.

The FXStreet.com Trend Index remains strongly bearish on the 1 hour time frame. Initial resistance comes in at 1.0549 (daily pivot high), followed by 1.0590 (daily upper pivot). First support sits at 1.0476 (9 DMA), followed by 1.0426 (daily lower pivot).

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