Commodity-linked currencies outperformed their European rivals against the greenback, with AUD/USD rallying to 0.7737, a fresh April high. AUD/USD turned bullish in the near-term and could keep rallying in the upcoming sessions.
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The EUR/USD pair advanced for a third consecutive day, holding near a daily high at 1.1986. Dollar bears leading the way higher ahead of US Retail Sales, employment data.
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For the dollar, that light at the end of the tunnel turned out to be a truck roaring at full throttle to run it down. The news of coronavirus vaccines sent stocks higher and the safe-haven dollar lower. Alongside decisive US elections and later some fiscal stimulus, there was no need to run for shelter, and the dollar suffered.
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"Support and Resistance Lines conform the most basic analytical tools and are commonly used as visual markers to trace levels where the price..."