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After edging higher to 0.9404 last week, AUD/USD reversed and fell sharply to as low as 0.9060. As short term top is at least in place with bearish divergence conditions in 4 hours MACD and RSI. Initial bias will remain on the downside this week and deeper decline should be seen to 0.8915 support next. On the upside, above 0.9213 minor resistance will indicate that an intraday low is in place and bring consolidations. But recovery is expected to be limited well below 0.9404 high and bring fall resumption.
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