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Outlook for AUD/USD: BofA Merrill Lynch

AUD/USD has broken sharply below the 50d MA and risks new cycle lows. However, evidence continues to indicate a very late stage decline. 

Weakness should be limited to 0.7467 channel support, worst case 0.7360/0.7214 (6m downside slopping channel in brown and 14yr trendline lows). 

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