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AUD/USD 2017 forecast: Monthly chart screams ‘sell on rise’
The Aussie dollar was hammered in the first half of January 2016 on broad based USD strength and Yuan weakness. Fed, in its Dec 2015 policy, had signaled the possibility of four rate hikes in 2016. Thus, markets were buying US dollars. PBOC’s devaluation of Yuan in early January also weighed over the Aussie dollar. The pair thus dropped to 0.6827 (Jan 15 low), which till date stands as the 2016 low. In subsequent month, oil price recovery and the rally in gold helped the Aussie dollar regain poise. The spot clocked a high of 0.7835 (Apr 21 high), which is the 2016 high. The pair then dropped to 0.7148 (May 30 low) ... (full story)
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