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AUD/USD edges higher off of session lows to 0.9739/42

FXstreet.com (Barcelona) - The AUD/USD took a tumble during US trading Friday, bottoming out in recent moments at 0.9722 (intraday low), before experiencing a minor recovery to the 0.9739/42 level at the time of writing.

According to the ICN.com technical analyst team, “The AUD/USD is steady below the minor resistance at 0.9770 and consolidating below this level makes us hold onto our bearish expectations for today. We depend as well on the breakout below 161.8% to extend bearishness and trading below this level at 0.9825 support the test of 0.9645 areas at least.”

At this juncture, the cross is facing a staunch decline of -0.67% off its opening Friday. In terms of the AUD/USD, “The pair extended its weakness and is under selling pressure. There is no major support until 0.9582, though resistance is at 0.9919, suggesting a bearish outlook.” warns Gareth Berry, a Research Analyst at UBS.

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