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Feb 20 - 08:36 AM

AUD/USD - Data Leads To Next Phase Of Bear Trend

By Christopher Romano  —  Feb 20 - 07:50 AM
  • AU January unemployment rate to 5.3% from 5.1% nL4N2AK0BB

  • Follows Q2 wage data showing stagnant wage growth nL4N2AI517

  • AU yields collapse, AU-US spreads widen, AUD sold broadly, AUD/USD sinks

  • AUD/USD consolidation ends with break to new trend low, 0.6620 neared

  • Techs are bearish, 10-DMA caps, RSIs imply bear momentum intact

  • 0.6600 barrier likely, will likely be only a speed bump to bears

  • Diverging US-AU econ data could lead to sub-0.6300 levels nL1N2AJ0TO







chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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