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Forex

AUD/USD Breaks Above Key Support Amid Dollar Weakness

Guavy AI Editorial Team
Instruments
USD AUD NZD
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The AUD/USD pair has shown signs of recovery, breaking above key support at around 0.7115.

This comes after a broad-based US dollar weakness, which was fueled by coordinated intervention from Asian foreign exchange authorities, softer-than-expected US economic data, and a surge in risk appetite following strong earnings reports from Microsoft and Amazon.

The Australian and New Zealand dollars' gains were the largest drivers of the move, with the AUD/USD rising as the USD weakened.

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