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AUDUSD hits familiar bullish spot; trend continuation eyed
AUDUSD collected marginal gains on Wednesday and closed just around the 50-day simple moving average ((SMA) despite a volatile session within the 0.7100-0.7000 region. Earlier in the week, the 0.7030 support area managed to halt negative movements for the third time, increasing speculation that the downfall from the 0.7412 peak could be temporary. The recent bullish action could also reflect the end of an a-c corrective pattern and the start of a new bullish wave 1-5 according to the Elliot theory. Still, the bearish cross between the 20- and 50-day SMAs suggests that the above should be taken with a grain of salt ... (full story)