The AUD was boosted again by the poor U.S> data release yesterday, although it should be noted that this was much less than the better performers, most notable the AUD’s sister currency the NZD with which it tends to be quite highly positively correlated. We have a bullish trend in the short-term, and also a weakly bullish long-term trend. Just above there are three key resistance levels as shown in the chart below. Taken together these are probably going to be hard to break for a while. A real break above the psychologically key level of 0.7750 will be a sign of a much more strongly bullish trend developing.
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