Local dealers prefer the long side this morning with the AUD in demand on the crosses. The overnight fall stalled at 1.0480 and this level is now trying to form support, with decent bids also reported 1.0430/50. Any rallies should meet decent resistance now that the USD is returning to favour, with 1.0550 expected to be the first resistance level. A day for the range traders I think.
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AUD/USD back above 1.0500
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