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Forex Flash: Short term bullish risks on the rise for AUD/USD - JPMorgan

FXstreet.com (Barcelona) - The short term upside risks for both AUD/USD and NZD/USD have increased but still within the context of the medium term consolidations, notes Niall O'Connor, FX strategist at JPMorgan.

Niall adds: "AUD/USD sees important resistance at 1.0360/1.0400 which includes the 38.2% retrac from the April peak. Above would confirm another shift within the medium term consolidation is likely. However, sustained upside will continue to be a difficult task as the broad range is expected to persist. Still, potential for AUD to shift to an outperformer on the crosses has increased."

Forex: AUD/NZD struggling to get above 1.21, off fresh 3.5-year lows

AUD/NZD is last at 1.2097, off recent session highs at 1.2119, printed on the back of Kiwi weakness, following worse than expected Building consents in New Zealand, falling -9.1% m/m. The cross is about flat for the week, recovering from Friday's fresh 3.5-year lows at 1.2050, lowest seen since late 2009.
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