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AUD/USD Forecast July 5, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Tuesday, 05 July 2016 06:04 UTC
The AUD/USD pair broke above the 0.75 level during the day on Monday, but we are still below the pressure that had formed a shooting star from the previous week. Because of this I believe that the market is bullish but it is going to run into a little bit of trouble just above. I think short-term pullbacks will be needed in order to go long, and that this is a market that has so much support below that it’s difficult to short at this point in time. Having said that, we do get a Reserve Bank of Australia interest-rate decision today, so that of course could change everything.

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