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AUD/USD consolidates, but have the bulls got legs?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    AUD/USD is currently consolidated as bulls take a rest after a big triumph over the last couple of weeks, rallying from the 0.71 handle and scoring 5 big figures to reach highs of 0.7527.

    AUD/USD has been better bid with a recovery in the commodity sector, despite the weakness in the trade balance in the Chinese economy , the Aussie's largest trading partner. "AUD/USD whipped around mostly between 0.7440 and 0.7510, but overall softened about 50 pips between early London and late NY, to 0.7455. Spot iron ore was only slightly weaker, at $57.92/tonne, while May16 Dalian futures closed -1.1%," explained analysts at Westpac.

    AUD/USD levels

    AUD/USD is technically holding above the 0.74 handle. The upside is technically overdone and a period of consolidation is in order unless bears fancy a pop at the downside and a long squeeze would target the base of the weekly cloud at 0.7378 as last stop before the 200 dma at 0.7249
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