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AUD/USD Technicals Bullish, but Fundamental Risks Elevated
The AUD/USD pulled back in slow holiday trade last week, but the longer-term uptrend off the late January low remains intact. A few weeks ago, we discussed two clear patterns on the daily chart that both projected a target at the .9500 handle (see “AUD/USD: Clear Sailing to .9500?” for more). Rates have yet to reach that level, but the technical picture remains generally constructive; the biggest near-term question mark comes from the Aussie’s fundamental backdrop. Tackling the technicals first, the AUD/USD appears to have broken back above last week’s falling wedge pattern. Though it’s created from a ... (full story)