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AUD/USD recovered above $0.9800

AUD/USD rebounded to $0.9840 on Tuesday after having printed almost a yearly low at $0.9710 last Friday. As can be seen from the monthly chart, losses were limited by the 50-month SMA at $0.9750.

It seems that the market has already priced the Fed’s QE tapering in. However, Bernanke is expected to disappoint by saying that monetary policy remains accommodative. That’s why analysts at NAB expect to see a short squeeze up to the $0.9850/0.9920 area. Recovery to and above parity looks much less likely. Specialists recommend selling the Aussie on rallies.

Resistance: $0.9850, $0.9900, $0.9920
Support: $0.9800, $0.9750, $0.9710/00

Chart. H4 AUD/USD


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