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Do the AUD ‘Turnbull Bounce’
Do the AUD Turnbull Bounce: So just like that, Australia has new Prime Minister! Welcome ex Goldman Sachs executive director, Malcolm Turnbull. Whether you agree that it is right for backroom politics to decide to oust a Prime Minister that has been voted in by the Australian people, Forex markets have reacted well to the coup that ousted Tony Abbott, with the Aussie Dollar rising to new weekly highs. As you can see from yesterday’s AUD/USD 5 minute chart, the instability of a leadership challenge caused the Aussie to first sell off, but as it became more and more clear that a change was coming, the buyers came in. ... (full story)
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