AUDUSD: Rally on Short Squeeze

Following the RBA's less dovish tone, concerns over rising inflation, 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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