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Forex: AUD/USD drifting higher towards resistance at 1.0320

FXstreet.com (Barcelona) - The AUD is drifting higher during Asia trade, up another 30 pips at 1.0309 last. The economic calendar is light with both Australia and New Zealand closed for bank holidays. So far initial resistance at 1.0320 is capping further advances.

According to William Schumacher at FXBriefs, “The AUDUSD has moved back through 1.0300 to make a daily high thus far of 1.0312. Apparently interest in carry trade flows in AUDJPY in part behind the move. Resistance should be seen at 1.0359 fibo level (38.2% 1.0582/1.0221).”

The FXStreet.com Trend Index remains bullish on the 1 hour chart, while the OB/OS Index reads Overbought. The RSI (14) is also in bullish set up on the 1 hour chart, sitting at 65 and maintain the 40-80 zone. Short term moving averages on the 1 hour chart are also bullish, with price above both the 9dma and 20dma.

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