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 AUDUSD On Track to Recover Full Brexit Losses

 

Resistance Support
0.7612 0.7544
0.7641 0.7470
0.7700 0.7409

 

The AUDUSD forex pair has been on an uptrend, recovering almost all losses after “Brexit” vote. Now is heading towards resistance at 0.7641 which is the highest since May 2016.

Upbeat data in Australia concerning NAB Business Confidence have supported well the Aussie currency and triggered a new round for buying attitude. The Moving Averages are providing an extra support while there is no limitation by any overbought oscillator sign. On Thursday, we are expecting the Australian Employment data which is expected slightly lower than the previous figure. Should that be confirmed then Aussie will get some pressure.

Overall, we see that the AUDUSD is driven by releases and risk sentiment. The risk sentiment has been improving recently and news for the Aussie have been supportive. The structure is rising, thus we would expect upside to continue today with prices’ next cap at 0.7612.

fcm12072016

Source: www.fcmforex.com

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