Although there is some technical signs that hint a potential rebound, we should keep in mind that price remains within a since July 2011, and thus I would wait for a break above that resistance to initiate a long position.
Alternatively, I would monitor price action next week, looking for signs of another dip to the downside in attempt to resume the , i would look for patterns such as pin bars.
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Earlier Analysis(https://www.tradingview.com/v/RcOsloui/): Following the RBA's less dovish tone, concerns over rising , and less concern of emerging market. Expectations of further interest rate cuts over the near term has almost diminished in my opinion. Accordingly, we will probably see strong short covering, and a short term correctional rally, especially if price manages to settle above the latest swing low at 0.8845. First upside target at 0.9085.
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