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The Australian Dollar depreciated about 71 base points against the US Dollar on Wednesday. The decline was stopped by a support level formed by the weekly PP at 0.7135 during the previous trading session.

The currency pair was stranded between the 200-hour simple moving average at 0.7145 and the weekly pivot point at 0.7135 during the first half of Thursday’s trading session.

A breakout from this support and resistance levels is likely to occur within this session. However, technical indicators are neutral on both the smaller and the larger time frames.

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