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Bullish pressure in AUDUSD lingers
AUDUSD is recording another green candle as the market appears to be relieved that Fed Chairman Powell did not mention rate hikes as a viable policy option at Wednesday's press conference. AUDUSD is currently battling with the 50-day simple moving average (SMA) and possibly on its way to break the recent series of lower highs and lower lows. The bullish tendency since the April lows persists but it is not entirely reflected in the momentum indicators. In more detail, the Average Directional Movement Index (ADX) is hovering around its 25-threshold, signaling a trendless market, and the RSI is tentatively edging above ... (full story)