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Forex pairs in this Article » AUD/USD
FXstreet.com (Barcelona) - AUDUSD is currently sitting at 1.0469 ahead of a quiet local session in Asia in terms of macro data AUD related, off recent weekly highs at 1.0477, and resuming the bounce started at Monday's weekly lows 1.0383. The pair has moved more or less its 70 pips it has on average daily range as of late, and, as market sources report, has found sizeable sell orders in its way higher, with commercials already net short, according to latest COT.

Current weekly highs are just few pips below 50% Fibo retrace of latest down leg 1.0580/1.0383 at 1.0480, and Jan 18 lows. According to Valeria Bednarik, Chief Analyst at Fxstreet.com: "the hourly chart is showing momentum diverging from price action, as the indicator heads lower when price goes up. The 20 SMA in the mentioned time frame remains below current price although losses upward potential, while the 4 hours chart shows indicators biased higher and as long as above 1.0420, there's scope for further rises with 1.0500 area now at sight," the analyst concludes.

Valeria finds support levels at: 1.0420, 1.0380 and 1.0330, while resistance levels at: 1.0470, 1.0500 and 1.0540.
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