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AUD/USD in mildly bullish territory short term only

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained the mildly bullish conditions around the AUD/USD overnight leading into the Asia shift.

Key Quotes:

“The lack of appetite for Aussie alongside with a neutral RBA past Asian session ended up with AUD/USD reaching the base of its latest range at 0.8640 early Tuesday, from where the pair bounced strongly with little behind but strong buying interest”.

“The pair regained the 0.8700 level yet stalled around recent highs in the 0.8750 price zone, still the immediate short term resistance”.

“As for the technical picture, the 1 hour chart shows price advancing above a mild bullish 20 SMA as momentum bounces from 100 and RSI holds above 50 albeit showing no actual strength”.

“In the 4 hours chart however, the technical picture is bearish as per indicators biased lower in negative territory, and 20 SMA still above current price”.

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