AUD/USD: Preparing for a Bounce from Key Support ?

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👋Hello everyone, let’s take a look at AUDUSD !

Recently, the pair has shown strong bullish momentum, reaching a new high at 0.6685, and is now in a retracement phase as the price moves closer to the support zone at 0.656.

The Australian Dollar is supported by a relatively stable commodity market and positive risk sentiment, while the US Dollar remains under pressure due to continuous rate cuts by the Federal Reserve. This combination allows AUD/USD to maintain its bullish position.

Considering the current market developments and technical factors, I expect a slight correction before the trend continues upwards. Keep a close eye on the 0.656 support zone to make informed trading decisions.

What’s your view on the AUD/USD pair? Let’s discuss in the comments below!
Good luck with your trading!

Penafian

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