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AUDUSD: Further rebound risks

Hi there traders this is Steve Miley for forextraders.com and here we’re looking at the Australian dollar against the US dollar spot FX rate.

Well a short term rebound in here from just below 0.6739 support and above critical 0.6708 support, from 0.6720 yesterday, on Wednesday; and a strong rebound yesterday and again this morning to then overcome and push back above this down trend-line that we previously pushed above back here last week and also above this key 0.6809 level, up to 0.6810. So, reinforcing that previous push higher.

Certainly a strong, very short-term outlook going into today and we’re looking for risks back up through the current peak here at 0.6791 back up to this 0.6810/11 level and maybe closer up here towards 0.6828/29.

So up-side risks very much intact with this strong interlay rebound yesterday and follow through to the upside overnight going into Thursday.

So, bullish pressures very much intact on a short term and intermediate term basis for the Australian dollar.

This has been Steve Miley for forextraders.com.

Don’t forget to follow our YouTube channel and I’ll be back with you soon.

Until then, have a great trading day.

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