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FxWirePro: AUD/USD uptrend looks tired, but continues to hold

• AUD/USD eased slightly but remained close to multi-month highs, supported by significant Chinese stimulus and rising commodity price.

• Australian dollar is also supported  a stable rate outlook from the Reserve Bank of Australia (RBA) this week.

• The AUD/USD eased slightly  to $0.6878  , having rallied 1.1% overnight to as high as $0.6904.

•The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains  

•  Immediate resistance is located at 0.6890(23.6%fib), any close above will push the pair towards 0.6922(Higher BB).

•  Support is seen at 0.6827 (38.2%fib) and break below could take the pair towards 0.6798(Sep 23rd low).

 Recommendation: Good to buy around 0.6870, with stop loss of 0.6780 and target price of 0.6950.

 

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