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AUD/USD Rate Rebound Takes Shape Within Descending Channel Formation
AUD/USD appears to have reversed course ahead of the November 2020 low (0.6991) after marking the first five-day decline in nearly a year, but the recent rebound in the exchange rate may end up being short lived as it trades within the confines of a descending channel. AUD/USD extends the rebound from the start of the week as it bounces back from channel support, but the Kansas City Fed Economic Symposium scheduled for August 26 – 28 may undermine the recent recovery in the exchange rate as a growing number of Federal Reserve officials show a greater willingness to scale back monetary support. In contrast, the ... (full story)