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However, in the near term the Australian Dollar is likely to depreciate relative to its U.S. counterpart, as the Aussie has recently confirmed the upper trend-line and it is currently headed toward the lower trend-line at 0.9190. This support is fairly tough and therefore should negate the downward momentum, as it is reinforced by the weekly S3 level and 200-period SMA. Meanwhile, a majority of the daily and weekly technical indicators are pointing to the upside.
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