AUD/USD Rests at Consolidation Support Ahead of RBA Statement and NFP

AUD/USD Rests at Consolidation Support Ahead of RBA Statement and NFP

[unable to retrieve full-text content]Forex Technical Update Previous: RBA Slashes 50 Basis Points â€" AUD/USD Slides Below Short-term Support Factors (5/1) AUD/USD 4H chart 5/2/2012 6:34PM EDT So far this week, the USD has been buoyed by positive manufacturing data while the AUD has been pressured by the deeper than expected 50-basis-point rate cut by the Reserve Bank of Australia. The 4H AUD/USD chart shows the market now testing the April consolidation support in the 1.0225-1.0245 area. After the pending risk events, if the AUD/USD can hold above 1.0225 , the market is likely to continue ranging, with the central pivot near 1.0350 . This would also be a conservative target to the upside within the consolidation context, before opening up the consolidation resistance starting near 1.0450 ForexNews.com