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Sep 09 - 03:48 PM
AUD/USD - Shallow Corrections Suggests Longs Have Conviction
First appeared on eFXplus on Sep 09 - 01:45 PM
  • Pair pierces 0.6875 in NY trade, very little pullback from the high seen
  • USD/CNH drop towards 7.1120 & AUD/JPY lift above 73.65 help boost AUD/USD
  • AUD/USD close to clearing key techs and extending the recent rally
  • Limited corrections in recent rally suggests bulls have the upper hand
  • Equity fall, lack of commodity gains help limit gains for now
  • Break of 55-DMA, 50 Fib & daily cloud will bolster already bullish techs
  • Aug. China inflation, AU NAB business surveys are risks in Asia trading

chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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