AUD/USD recovers modest intraday losses, flirts with daily high around mid-0.7000s
The AUD/USD pair recovered its early lost ground and was last seen trading near the higher end of its daily range, just below mid-0.7000s during the early European session.
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From a technical perspective, sustained weakness below the 0.7000 mark would make the pair vulnerable to slide towards challenging the YTD low, around the 0.6965 region. Some follow-through selling would be seen as a fresh trigger for bearish traders and drag spot prices further towards the 0.6900 mark. The depreciating move could get extended towards intermediate support near the 0.6840-0.6835 region en-route the 0.6800 round figure.
On the flip side, the 0.7040 area now seems to act as an immediate strong resistance ahead of the 0.7090-0.7100 region. Sustained strength beyond could trigger a short-covering bounce and allow bulls to aim back to reclaim the 0.7200 mark. Any subsequent move up, however, might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly near the 0.7230 zone. The latter should act as a pivotal point for traders, which if cleared decisively will suggest that the pair has formed a near-term base.
SPECIAL WEEKLY FORECAST
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