The AUD/USD opened at .7120 but is now 50 pips lower and still looking vulnerable. The market is long we hear and the failure to test .7265 has the technical picture looking a lot less bullish. I do not expect to see any major sell off but a fall towards .6975 looks possible, especially if stops below .7050 are triggered. Rallies should now be capped under .7200 and this range might well hold for the remainder of the week.
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