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AUD/USD Analysis: Remains Near 200– Hour SMA

The Australian Dollar grew by 46 pips or 0.61% against the US Dollar on Wednesday. The surge was stopped by the 200– hour simple moving average at 0.7483 during Wednesday’s trading session.

As for the near future, the AUD/USD currency pair could continue to edge higher. Bullish traders might target the upper line of a descending channel pattern at 0.7520 within this session.

However, a resistance level formed by the 200– hour SMA at 0.7483 could still provide a barrier for the currency exchange rate during the following trading hours.

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Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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