Australian dollar hits 2012 low

The AUD/USD is currently trading at 0.9932, coming off a fresh session and a low for the year of 0.9916, marginally above Tuesday’s daily and New York lows, reports nasdaq.com.

ForexLive reported that corporate buyers have been seen at close to 0.9900 and at also at regular intervals to 0.9850. The pair has fallen from session highs of roughly 0.9948, equal to the session lows in Asia-Pacific on Tuesday. Weak labor and confidence data from Australia today did not help Australian buyers.

Imre Speizer, a senior strategist at Westpac Bank, said that the AUD/USD downtrend remains as it was and upward corrections are weak. He added that the minutes from the FOMC and the Fed’s speech on monetary policy and the economy would be closely watched later in the trading day.

Momentum indicators are in heavy oversold conditions already, with the eight hour charts revealing upside divergences, meaning that each time the pair has broken lower lately, it moves less range than the previous break down. In addition, the New Zealand dollar is falling of late, printing new lows for the year of around 0.7663.