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AUD/USD on soft grounds; 0.8505 exposed - FXStreet

FXStreet (Guatemala) - In respect of the US shift, Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD decline extended to 0.8565 daily basis.

Key Quotes:

“News that Chinese manufacturing output contracted for first time in six months last November down to 49.5, weighted on Aussie, but once again, it was the lack of dollar demand during the last two sessions what helped the pair recover some ground”.

“Daily basis, the picture is still strongly bearish, albeit shorter time frames suggest the pair may extend current recovery during the upcoming hours: the 1 hour chart shows price above its 20 SMA and indicators heading strongly up above their midlines”.

“In the 4 hours chart 20 SMA caps the upside around 0.8670 becoming the level to overcome to see a firmer recovery, whist indicators bounce from oversold level still deep in the red”.

“A drop back below the 0.8590 will deny chances of such upward continuation, favoring a quick slide towards 0.8550 in route to 0.8505 price zone”.

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