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AUD/USD continues consolidation

FXstreet.com (London) - AUD/USD continues to consolidate in a 94 pip range between 0.9562 and 0.9666.

In a broader bearish trend, the pair have displayed a corrective rally since Friday morning’s lows to oscillate between 0.9620/40 ahead of a jam packed week of data coming up. There is some divergence in the daily RSI, indicating a bullish reading for the pair. ‘Currently, the market will remain directly offered below 0.9780/0.9842 (23.6% retracement of the sell off since April) and only above here would initiate a deeper retracement to 0.9970.’ said research teams for Commerzbank. They added that cloud resistance on the 240 minute chart at 0.9670/0.9753 should offer further resistance intraday.

The week ahead see’s the Australian current account balance and RBA tomorrow, with GDP on Wednesday, trade balance and construction data following up late in the week. Eye’s will also be monitoring key US data this week, especially NFP’s. Support in the pair comes as 0.9620 and 0.9580 with 0.9545 acting as key support.

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