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Aug 10 - 07:55 AM

AUD/USD - Soft US Dollar, Cloud Base Keep Longs In The Game

By Christopher Romano  —  Aug 10 - 07:20 AM
  • Overnight AUD/USD dip stalls near the daily cloud base, 0.6947 hit

  • Buyers emerge & bounce ensued as US$ sold broadly, 0.69785 traded

  • USD/CNH drop below 6.7570, equity ESv1, copperHGv1 gains aid lift

  • AUD/USD climbed back above the 10- & 55-DMAs, is near flat in early NY

  • Daily & monthly doji candles in place, suggest investors are indecisive

  • US July CPI risk due, a downside miss could sink US$, rally AUD/USD

  • AUD/USD longs may then test key resistance in the 0.7050/70 zone

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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