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
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Source:
Refinitiv IFR Research/Market Commentary