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AUD/USD upside capped at 0.9790

FXstreet.com (Barcelona) - Attempts to climb further have faltered around 0.9790 on Monday, returning to the current region of 0.9770 as risk-off trade is creeping back to the markets.

Greg Gibbs, FX Trading Strategist at RBS commented, “RBA minutes are released on Tuesday; these come after the recent Statement on Monetary Policy and may not reveal much that we do not already know. Although they may read with a more dovish bias given the RBA decided to cut earlier this month”.

AUD/USD is up 0.09% at 0.9766 with the next resistance at 0.9831 (high May 17) while a breach of 0.9711 (low May 17) would expose 0.9627 (low Jun.4 2012) and finally 0.9581 (low Jun.1 2012).

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