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Strong interest in AUDUSD – Key target for the bulls at 0.93

The Australian Dollar gained significant ground against the greenback on Monday, bouncing off the lows at 0.9112. With the RSI reversing up on the 30 min chart, the pair looks set to continue rebounding on its support. We expect further advances all the way up to 0.93, where we saw a cluster of trading in the past week. A break above 0.93 would open the door to the 0.95 level, where we expect to see significant resistance. In the alternative scenario, we will have to see a consistent break below0.91 in order to reconsider our outlook.

Dafni Serdari
Market Analyst
Intertrader.com, Spread betting & CFDs
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