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AUD/USD Could Stand to Lose More Ground
After an extensive drop from 1.10 back below parity, the AUD/USD is timidly rebounding. Nonetheless, fundamentals are clearly working against the Australian Dollar right now, and a break below a 0.99 congestion area could spur the currency to head towards 0.9575. Currently, AUD/USD is unable to break below a key level as abundant amount of support can be found. A rising trend line, structured since early last year is prompting a quick bounce. Furthermore, AUD/USD bounced-off precisely 38.2% Fibonacci retracement of 2010 low and this year high. Slightly below the current support of 0.9925, longer-term support can be ... (full story)