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AUD/USD erased all loses, back above 0.9630

FXstreet.com (Barcelona) - Aussie has erased all initial losses against the USD seen in early Tokyo trade, when printed fresh weekly lows at 0.9595, following a broad USD move higher. Now trading last near session highs at 0.9650, the pair is back to the positive for the Asia-Pacific.

Flat for the week though, the AUD/USD has bounced more than 50 pips from recent session lows, with US equity futures also near session highs, and Australian ASX index up +0.31%. According to IFR Markets analyst John Noonan, model fund buying is behind recent pop in AUD/USD, squeezing out short's stop loss positions.

Immediate resistance to the upside for AUD/USD shows at yesterday's weekly highs 0.9665, followed by Friday's NY session highs at 0.9704, and May 21 lows at 0.9748. To the downside, closest support lies at Monday's lows 0.9615, followed by mentioned session/weekly lows at 0.9596, and Thursday's fresh 11-month lows at 0.9591.

Green all around in Asia-Pacific

Local share markets in the Asia-Pacific are all showing green lights with no exception, with Nikkei index up +0.84% after the lunch break in Tokyo, at 14261 points, despite having opened below the 14k mark, around -1% in early trade. The index turned around quickly, sparkling a USD surge with it.
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Bearish chart pattern developments still favor further downside in EUR/USD

The EUR/USD traded in a narrow range today, closing up five pips at 1.2933. The muted price action wasn’t surprising given the fact both the UK and US markets were closed for holiday on Monday. However, although the EUR/USD price action was fairly quiet, some analysts believe it is worth noting there was some impressive action in the European stock and bond markets during the previous session. Although the correlation between the EUR/USD and risk assets hasn’t been as high as previous, it’s still worth noting as New York and London are set to re-open tomorrow.
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