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AUD/USD: technical picture

As expected, Australian dollar extended the downside this week. On Thursday AUD/USD tested the $0.9600 support to the downside, but later recovered above this mark.

Medium-term picture remains bearish. Yesterday’s long lower shadow shows bears were not so confident in their move, so we concede an upward correction in the near term. We will be selling AUD/USD on pullbacks to $0.9840 with an initial target of $0.9570 and a stop at the parity level.

Chart. Daily AUD/USD

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