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AUD/USD Outlook: Aussie Bears Are Pausing As China Is Back To Business After Holiday And On Upbeat Chinese CPI Data

The Australian dollar rose in early Monday after hitting new multi-month low at 0.6662 last Friday.

China is back to business after extended Lunar New Year holidays and slight optimism about coronavirus epidemic could be slowing, lifted Aussie after Friday’s 0.8% fall (the biggest one-day loss since 7 Jan).

Bears are taking a breather after being in control for six straight weeks, as traders booked some profits, before bears clearly break strong support at 0.6670 (2 Oct low, the lowest since early Jan 2018).

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Daily studies are still in full bearish setup but fading negative momentum supports current action.

Converging 5/10DMA’s in attempt to create bull-cross, mark initial barriers at 0.6716/19, with close above here to generate initial bullish signal which will be reinforced by formation of dail