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Australian Dollar Forecast: AUD/USD Eyes Yearly Low Ahead of RBA
AUD/USD may attempt to test the yearly low (0.6349) as it extends the decline from the start of the month, but the Reserve Bank of Australia (RBA) interest rate decision may curb the depreciation in the exchange rate as the central bank is expected to retain the current policy. AUD/USD trades to a fresh weekly low (0.6384) following the kneejerk reaction to the 227K rise in US Non-Farm Payrolls (NFP), and the weakness in the exchange rate may persist as it holds below the levels seen since the US election. In turn, a further decline in AUD/USD may continue to push the Relative Strength Index (RSI) towards oversold ... (full story)