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Forex: AUD/USD again above 1.0400 ahead of China CPI

FXstreet.com (Barcelona) - Still almost 2 hours to go until China CPI and AU NAB business confidence are released at 01:30 GMT, AUD/USD is last at 1.0415, off London session weekly highs at 1.0424. The pair opened the week in Asia-Pacific with a weak tone yesterday printing weekly lows at 1.0347, but soon found support around the 1.0350 mark and started the recovery till mentioned weekly highs.

“The AUD is unable to maintain momentum in either direction, and the possible double-top formation on the short term charts has been negated by the close back above 1.0400,” noted FXWW founder Sean Lee. “Range trading is still dominating the AUD/USD,” concluded the analyst. The pair is up +0.32% for the week so far, with the more or less flat 200 day SMA at 1.0388 last.

Immediate resistance to the upside for AUD/USD shows at mentioned weekly highs 1.0424, followed by Friday's highs at 1.0441, and Thursday's NY session highs at 1.0454. To the downside, closest support lies at Thursday's lows 1.0384, followed by NY session lows at 1.0379, and Friday's/yesterday's lows at 1.0354/47.

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