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Technicals and Fundamentals Push the AUD Higher
Today’s Reserve Bank of Australia (RBA) meeting minutes happened to be much more hawkish than expectations. It was said that there is still room for the rises, which was positively received by market participants. A hawkish RBA along with the great data from the Australian job market was a sweet combination for local traders and a great fundamental support to an interesting technical setup. The AUDUSD now has a proper buy signal. It’s coming from the inverse head and shoulders pattern (yellow), which emerged in July. The formation is already up and running, as today, the price broke its neckline (blue). Apart ... (full story)