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AUD/USD: daily update

AUD/USD remains sideways in the $0.9050/0.8985 range after having dipped to $0.8935 on Thursday. We can see from the chart that all the attempts to test 38.2% Fibonacci from the recent decline were not successful.

UBS has lowered its 1- and 3-month AUD/USD forecasts from $0.9000 to $0.8800. “A lower Aussie is inevitable”, they say. “If AUDUSD refuses to fall of its own accord from current levels, another RBA rate cut would ensure resumption of the downtrend”.

Chart. H4 AUD/USD


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