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AUD/USD Makes Fresh 2yr Highs

The AUD/USD made fresh 2 year highs overnight @.9644 and is consolidating early in the Far East around the 96 cent level. A break through the .9650 level could trigger a move higher; although there is speculation of corporate orders and resistance at that seemingly important level. Concerns also persist on the RBA’s reaction to an elevated and Aussie and the effects on its export driven economy. We will continue to watch the channel that has treated us well and watch the price action here as it trades right below trendline resistance.