AUD Index may be range-bound over summer

AUD Index may be range-bound over summer

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Another very ugly chart as a result of terrible data and the RBA chief choosing his time wisely to stick the knife in for the Australian currency. We have broken bullish trend and are now holding above the previous broken resistance turned support. This too paints a view that we may see a summer range-bound scenario. Gold continues to be stuck in an expanding triangle and clearly traders are already on holiday, in spirit if nothing else. AUDUSD 0.9300 to 0.9500 seems like it may take some breaking out of. I am bullish AUD% from 0.9300 for a range bound scenario
**AUD% Index Resistance: AUDUSD 0.9418, 0.9450**
**AUD% Index Support: AUDUSD 0.9316, 0.9300**
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By John Adam
John Adam was one of the Invezz Founding Partners & Lead Editor's up until 2017. John has an unmatched breadth and depth of experience in all things investing, and we wish him the best in his pastures new.

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