AUD/USD: Under pressure
The AUD/USD fell hard on Friday with the 1.04 level having turned into resistance. It appears there is a bit of a bear market squeeze at the moment with bulls having dragged the pair back above 1.034 this morning. With the Australian Dollar levered to the risk appetite of the world and considering the current pullback in risky investment, the market looks ready to head back towards the 1.02 level, with a break below 1.032 opening the door for 1.030 and 1.027. In the alternative scenario, only a break above 1.0415 could delay the downtrend movement. Another quite date on the economic data font today keeps the focus on RBA’s rate decision tomorrow at 3.30 GMT, with traders pricing in the probability of a 25 basis point cut to rates.
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