Traders are attributing recent AUD/USD weakness to two main factors – weakness in the economy in China weighing on commodities, and the potential for the RBA to cut rates at its meeting next week. However, a number of factors point to a potential reversal in AUD weakness. Higher oil markets, the potential for US Non-farm Payrolls data to paint a stronger global growth picture, and recent respect of technical support, all favour AUD/USD longs.
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