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AUD/USD retreats to 0.9350

FXStreet (Córdoba) - The aussie and the US dollar were among the best performers in the currency market on Thursday. During the European session AUD/USD soared to 0.9391, hitting a 5-week high but then lost momentum and pulled back toward 0.9350, erasing gains. After Wall Street closing bell was trading at 0.9350, up 0.04% for the day.

On Friday, the main attraction would be the NFP report in the US, but on Asian hours data from the Australian construction sector will be released. Price action is expected to remain steady the next hours.

AUD/USD technical outlook

“The hourly chart shows price now developing below its 20 SMA and indicators heading south around their midlines, close to cross them,” says Valeria Bednarik, Chief Analyst at FXStreet. The 4-hour chart show indicators also turning south notes Bednarik, “but near overbought readings and still far from their midlines, suggesting current movement is just corrective.”

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