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AUD/USD supports the 0.9760 and trades back to 0.9780

FXstreet.com (San Francisco) - The Aussie is trading sideways on Monday's session between in 0.9760 and 0.9790 with the AUD/USD currently pricing at the 0.9780 area.

The AUD/USD is 0.28% positive on the day and the short term perspective remains slightly bullish according to the FXstreet.com trend index in the 15-minute chart. Indicators such as CCI and Momentum are pointing to the north while the the MACD and the Stochastic are neutral.

Above the 0.9790, next resistances are at 0.9800, 0.9830 and 0.9870. On the downside, supports are at 0.9760, 0.9715 and the 0.9700.

Investors are focused in to the overnight RBA minutes at 1:30 GMT in Australia. "With Aussie in a bearish trend, comments pointing towards further economic slowdown and possibilities of a rate cut, will rush market players to price in another rate cut, leading to more AUD slides," FXstreet.com analyst Valeria Bednarik comments.

"A more positive wording should on contrary favor an upward correction in AUD, although may not be enough to change the trend in term," Bedanrik concludes.

EUR/USD consolidates around 1.2850

The euro has given up its intraday gains versus the greenback at the beginning of the New York session, although lack of volume has kept the cross within its recent range.
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