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Recent Gains Trimmed In NY

AUD

AUD/USD prints at $0.6825/30, the pair was ~0.3% softer on Thursday.

  • The AUD trimmed some of its recent gains in the NY session yesterday, an uptick in US Tsy Yields seen after a poorly received 7-Year auction was the catalyst for a bid in the USD.
  • AUD/USD fell ~0.6% from peak to trough, however we sit ~9% above Octobers cycle lows.
  • Bullish trend conditions in AUDUSD remain intact and this week's continuation higher reinforces current conditions. The climb maintains the bullish price sequence of higher highs and higher lows. Sights are on $0.6900, the Jun 16 high and the next key key resistance.
  • On the downside, key short-term support is unchanged at $0.6526, the Dec 7 low. Initial firm support is at $0.6702, the 20-day EMA. Short-term weakness is considered corrective.
  • The data docket is empty on the last trading day of 2023. A reminder that Australian markets are closed on Monday.

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