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May 19 - 01:55 PM

AUD/USD - Aggressive Dip Buyers Put Shorts On Defense

By Christopher Romano  —  May 19 - 12:10 PM
  • AUD/USD hit a 3-day low overnight but then rallied into positive territory

  • The pair rallied above the 10-DMA as US rates EDM3US10YT=RR sank

  • Investors pricing in a lower terminal rate for the Fed weigh down the US$

  • AUD/USD's rally cleared 0.7046/54 resistance and the 21-DMA was pierced

  • The lift extended to 0.7069 before a slight dip took hold

  • Techs are growing bullish; brief consolidation phase ends, daily RSI rising

  • May's doji candle & possible diverging monthly RSI reinforce bullish techs

  • Close above 21-DMA, break of May 9 high should bolsters longs' confidence

  • For more click on FXBUZ

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Refinitiv IFR Research/Market Commentary


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