AUD/USD Classical 07.12
AUD/USD: In the process of retracing the 0.8860-0.8315 move, with the market most recently breaking back above 0.8700 and towards 0.8800. 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 on a close basis ahead of the next major drop back below 0.8315. Only a close back above 0.8860 negates and gives reason for pause.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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