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Instrument: AUDUSD
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 0.73490 with take profit at 0.73625.
Bearish Preference:
A Sell position is envisaged if price trades below price 0.73267 with take profit at 0.73153.
Fundamentals:
None with high impact on the pair.
Comment: The AUD/USD pair closed the previous week modestly higher and preserved its bullish momentum on Monday. As of writing, the pair was trading at its highest level since mid-September at 0.7344, rising 0.5% on a daily basis. In the absence of significant fundamental drivers and high-tier macroeconomic data releases, rising copper prices seem to be providing a boost to the commodity-related AUD at the start of the week.
Analysis: SCRUM Team
