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AUD/USD Attempts to Recover

The Australian dollar finds support as the RBA minutes suggest more rate hikes to come. An oversold RSI on the daily chart shows exhaustion in the sell-off. A tentative break above 0.6340 has prompted some sellers to cover their positions, easing pressure on the aussie. Though the bears may be eager to fade rebounds. Short-term sentiment would remain downbeat unless the bulls manage to lift 0.6430 on the 20-day moving average. A fall below 0.6200 would extend the downtrend towards the psychological level of 0.6000.

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