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ANZ: Aussie downtrend in place

According to analysts at ANZ, last week’s AUD/USD failure to breach $0.9250 and the slide below $0.9000 underscores the corrective nature of rebounds.

“Even if rebounds occur in future occur, they will still be seen as selling opportunities. Despite apparently supportive momentum (RSI especially), the failure to breach minimal resistance levels suggests that momentum is merely signaling that the downtrend is in place. Further slippage could force an early test of $0.8675/0.8550."

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