Aussie in a bearish momentum

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Wednesday, Feb 07 2018

Aussie in a bearish momentum

There were no dana releases from Australia yesterday. The Australian dollar posted an incredible rally of 8.5% against its US counterpart during early December and late January, fully reversing the September-December downtrend and setting a 2½-year high of $0.8135.

However, that rally is now looking in trouble, with the pair declining 3.5% from its January 26 peak and technical indicators turning negative. But even before the uptrend came to a halt, the aussie/dollar’s performance had raised eyebrows among some market participants about the sustainability of such strong gains as many of the factors driving up the pair appeared temporary.

More in this category: « US Trade Balance deficit rose to $53.1 billion German Industrial Production down by 0.6% »

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