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AUD/USD clocks two-week high, Copper sell-off halts

FXStreet (Mumbai) - The AUD/USD pair rose to a two-week high of 0.7180 above 50-DMA, while the rout in copper appears to have stalled.

Aussie supported by PBOC rate cut

The broad based weakness in the USD in Asia kept the Aussie on a rising trend, which was extended further in Europe after the PBOC announced a cut in the interest rates for the Standing Lending facility (SLF).

The focus now is on the US weekly jobless claims, the Philadelphia Fed index due later today and speech from Fed’s Lockhart.

AUD/USD Technical Levels

At 0.7170, the immediate resistance is seen at 0.7201 (38.2% of 0.6907-0.7382), above which the pair could rise to 0.7270 (23.6% of 0.6907-0.7382). On the other side, the pair could find support at 0.7144 (50-DMA+50% of 0.6907-0.7382) and 0.71 handle.

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