AUD/USD Classical 07.08
AUD/USD: In the process of retracing the 0.8860-0.8315 move, with the market most recently breaking back above 0.8700. However, the rally is still classed as corrective and we do not see the gains extending much further. Look for any additional upside to be well capped by 0.8800 ahead of the next major drop back below 0.8315.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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